BaFin Isssues Warning Against Unauthorized Platform

German financial regulator, BaFin has issued a warning against (My Coin Elite) saying that this platform is unauthorized to offer financial products in the country.

February 3, 2021 | AtoZ Markets – German Federal Financial Supervision Authority (BaFin), flagged another trading company as suspicious. This time it is, which, according to BaFin is operating in Germany without a license.

BaFin Flags As Unauthorized

The German financial regulator continues its fight against scam brokers and unauthorized forex exchanges. According to the financial watchdog’s statement published on Wednesday, BaFin ordered the trading platform to immediately cease conducting its unauthorized safe custody business, unauthorized investment broking, and contract broking, and unauthorized proprietary trading activities.

On the platform, the provider refers to business addresses and telephone numbers in Australia, the United Kingdom, Germany, and Switzerland.

The website offers clients the opportunity to trade in cryptocurrencies and contracts for difference (CFDs) on commodities, securities, or other financial instruments or assets, including other derivative contracts such as options, futures, shares, or other 

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However, BaFin says the trading platform nor its operator is authorized to conduct banking activities or provide financial services in Germany in accordance with the Banking Act.

BaFin highlights that consumers should exercise caution when dealing with My Coin Elite. As the number of scams in the financial sector is growing, it is very important for investors to do their due diligence and double-check the reliability of the company before investing with them.

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