WIKIFX REPORT: Trading platform forbschain.com: BaFin investigates Forbschain
Abstract：In accordance with section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG), BaFin would like to make clear that Forbschain, domiciled in Luxembourg, has not been granted authorisation under the KWG to conduct banking business or provide financial services. The company is not supervised by BaFin.
The information provided on the website operated by Forbschain, forbschain.com, and the information and documents available to BaFin give reasonable grounds to suspect that the company is conducting banking business/providing financial services in the Federal Republic of Germany without the required authorisation.
Under the KWG, authorisation is required in order to conduct banking business or provide financial services in Germany. However, some companies operate without the necessary authorisation. Information on whether a particular company has been authorised by BaFin can be found in BaFins 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 in order to identify fraud attempts at an early stage.
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Withdrawal delays are precisely the complaint we keep receiving on WikIFX, a veteran in the forex regulation inquiry space. While some users receive withdrawal access initially and find rejections on their applications later, some fail to receive a single approval. Some delays usually result from genuine compliance requirements that brokers need to adhere to. However, in many cases, traders have accused the broker of repeated excuses as part of its alleged strategy to deny a seamless fund release. A pending withdrawal cannot be an outright indicator of fraudulent activity. Financial institutions, including forex brokerage entities, need to abide by the anti-money laundering (AML) and Know Your Customer (KYC) regulations. However, as the monitoring process stretches beyond weeks or months, traders become frustrated and raise questions over the broker’s reliability.
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