Swiss Convene GmbH: BaFin orders the cessation of unauthorized payment services

As of 28 November 2018, BaFin ordered Swiss Convene GmbH, Frankfurt am Main, to cease and desist from conducting money remittance business.

Swiss Convene GmbH accepts funds from private persons on its own accounts for the sole purpose otransferring these funds to mainly foreign accounts of companies situated abroad. Among these companies are the owners of unlicensed trading platforms as www.cfdpremium.com.

By law, the order is immediately enforceable, but not yet final.

Source: BaFin

Platincoin has no authorisation under section 32 of the German Banking Act (Kreditwesengesetz – KWG)

The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) hereby announces that it has not issued Platin Genesis DMCC with authorisation to conduct bankingbusiness or provide financial services in accordance with section 32 of the KWG.

The company is not subject to supervision by BaFin.

It has been brought to BaFin’s attention that a new Platincoin crypto fund is being advertised on social media, reportedly with the claim that it has been authorised and approved by BaFin. This claim is not true.

Source: BaFin

Smart Choice Zone L.P. (Platform: Toroption): BaFin orders the cessation of cross-border proprietary trading

In a notice dated 23 November 2018, BaFin ordered Smart Choice Zone L.P., United Kingdom, to cease cross-border proprietary trading immediately.

On its trading platform, www.toroption.com, Smart Choice Zone L.P. offers options and contracts for difference (CFD`s) on currencies and commodities. In facilitating customers’ access to the options and contracts for difference (CFD`s) offered, the company is conducting proprietary trading within the meaning of section 1 (1a) sentence 2 no. 4 (c) of the German Banking Act (Kreditwesengesetz – KWG) as a service for others in the Federal Republic of Germany. However, it does not hold the authorisation required under section 32 (1) of the KWG.

This notice is immediately enforceable by law.

Source: BaFin

StronIT GmbH: BaFin orders the cessation of unauthorized payment services

As of 28 November 2018, BaFin ordered StronIT GmbH, Cologne, to cease and desist from conducting money remittance business.

StonIT GmbH accepts funds from private persons on its own accounts for the sole purpose of transferring these funds to mainly foreign accounts of companies situated abroad. Among these companies are the owners of unlicensed trading platforms as www.bluetrading.com.

By law, the order is immediately enforceable, but not yet final.

Source: BaFin

BaFin orders QW Lianora Swiss Consulting SA i.L. to cease its support to Five Winds Asset Management’s cross-border investment management activities

In a notice dated 4 December 2018, BaFin ordered QW Lianora Swiss Consulting SA i.L., Geneva, Switzerland, to immediately cease activities through which the company is involved in Five Winds AssetManagement’s unauthorised business.

QW Lianora Swiss Consulting SA i.L. provides services for the unauthorised company Five Winds Asset Management. These particularly involve the distribution and marketing of Five Winds Asset Management’s financial products.

BaFin has already ordered Five Winds Asset Management to cease its unauthorised cross-border activities.

The order is immediately enforceable but not yet final.

Source: BaFin