Disclosure details -

Federal Financial Supervisory Authority

Year 2002Regulated by Government

Prior to 2002, in Germany the regulation of the financial industry was undertaken by three separate agencies. In May 2002 BaFin was formed, following the passing of the Financial Services and Integration Act. The aim of the Act and the merging of the three agencies was to create one integrated financial regulator that would be able to cover all financial markets. The agencies that merged together were the Federal Banking Supervisory Office, the Federal Supervisory Office for Securities Trading, and the Federal Insurance Supervisory Office.BaFin was given further responsibility following the passing of the Banking Act in 2003 with the aim of increasing customer protection and improving the reputation of the German financial system. The extra powers included monitoring the credit-worthiness of financial institutions and collecting detailed information about them. This particular area of responsibility was shared with the Bundesbank. Currently, BaFin is experiencing a kind of transition, as the responsibility for banking supervision is being taken over by the European Central Bank.

Disclose broker

Danger Unauthorized

EuropeMarket

Disclosure summary

Disclosure matching Website matching
Disclosure time 2022-09-28
Reason for punishment The company, which previously also operated the economix.io platform, is not supervised by BaFin.

Disclosure details

europemarket.io trading platform: BaFin investigates Archax LTD

28.09.2022 | Topic Unauthorised business europemarket.io trading platform: BaFin investigates Archax LTD In accordance with section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG), BaFin would like to make clear that Archax LTD, Sweden, does not have authorisation under the KWG to conduct banking business or provide financial services. The company, which previously also operated the economix.io platform, is not supervised by BaFin. There is no information that indicates any link between Archax LTD and the British company Archax Ltd.; rather, it is likely that the company registered in the United Kingdom has become the target of identity theft. BaFin has also been made aware that Archax LTD uses a fake form from the Federal Central Tax Office (Bundeszentralamt für Steuern – BZSt) when handling its business operations on the europemarket.io platform. In addition, the platform’s staff forward “licences” that have allegedly been issued to them personally by the European Finance Association (EFA). However, the EFA does not issue such documents as far as BaFin is aware. According to the terms and conditions on the europemarket.io website, EZ2GO Ltd. is responsible for operating the website. EZ2GO Ltd. has already come to the attention of BaFin’s banking supervisors in the past. The information provided on the europemarket.io website and the information and documents available to BaFin give reasonable grounds to suspect that the platform is being used to conduct banking business and/or provide financial services in Germany without the required authorisation. Companies that conduct banking business or provide financial services in Germany require authorisation under the KWG. However, some companies operate without the necessary authorisation. Information on whether a particular company has been granted authorisation by BaFin can be found in BaFin’s database of companies. BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand to avoid becoming the victim of fraud.

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Danger

2020-11-20

Warning List - Swiss Prime; Swiss Prime Limited