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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.

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Investirex

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Disclosure matching Website matching
Disclosure time 2022-06-22
Reason for punishment The information does not match the facts.

Disclosure details

Trading platform investirex.com: BaFin expands investigations

22.06.2022 | Topic Unauthorised business Trading platform investirex.com: BaFin expands investigations BaFin published a notice on its website to inform the public that it had opened supervisory investigations into Castan Holdings LTD, Saint Vincent and the Grenadines, as the operator of the trading platform investirex.com. Information and documents now available to BaFin show that a company called Investirex Cryptocurrencies Ltd./Investirex Ltd./Investirex.com Ltd. is also connected to the website investirex.com. This company claims to have registered offices in Switzerland and in Scotland. It also claims to be part of a group called “K-DNA Financial Services”. Those who express an interest in investing with the company are invited to conclude an asset management agreement (“Anlageverwaltungsvereinbarung”). BaFin has now also discovered that these persons are sent a letter purporting to be from BaFin. The letter is addressed to Investirex Cryptocurrencies Ltd, Switzerland, and relates to the granting of authorisation under the KWG to a company called Fortinbras Management GmbH. This letter is a forgery and did not originate from BaFin. BaFin also wishes to emphasise that there is no connection between the authorised financial services institution MEX Asset Management GmbH, registered with BaFin under the BAK no. 119375 and previously known under the name Fortinbras Management GmbH, and the letter referred to above or the company named therein. The use of the name Fortinbras Management GmbH is therefore a case of identity theft perpetrated against MEX Asset Management GmbH. BaFin was made aware of a similar case in the past.

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2021-08-03

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