Germany’s BaFin Says Online Broker MainTrade Not Authorized
The Federal Financial Supervisory Authority (BaFin), Germany’s financial industry regulator, announced on Friday that the online broker MainTrade.co is not authorized to operate in the country. The brokerage firm is also not under BaFin's supervision, the regulator said.
The new update comes a few days after the regulator urged consumers in the countryto beware of the trojan virus ‘Godfather’which attacks Android-based banking and cryptocurrency apps.
“In accordance with section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG), BaFin would like to make clear that MainTrade does not have authorisation under the KWG to conduct banking business or provide financial services,” the financial markets supervisor said inan updatepublished on its website.
Furthermore, the German regulator noted that the information available on MainTrade’s website, maintrade.co, “gives reasonable grounds” to suspect that the online broker is offering financial services in the country without the required permission.
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