Bafin Exposes Identity Fraud and Flags Risks of Unregulated Financial Services

<p>The
Federal Financial Supervisory Authority (BaFin) has issued a warning to
consumers regarding the website tradestatisticsview.com, cautioning that
financial and investment services are being offered without the necessary
authorization. </p><p>False
Claims: Dubious London Base</p><p>The
website, self-identified as "Tradestatisticsview," claims to be based
in London, United Kingdom, but lacks information about its legal form.
Additionally, the operator uses the name "Bitcer" without disclosing
its legal status. The
website references a registration certificate from the British Companies House
allegedly obtained by the company ELITEBITXCHANGE. However, investigation
reveals that the mentioned company, Bitcer Limited, was dissolved in September
2021, as confirmed by the Companies House.</p><p>BaFin
has further uncovered that individual associated with tradestatisticsview.com
are reaching out to customers using the name "Marc Friedrich." This
identity is being used without authorization, involving the fraudulent copying
of portrait photos from Friedrich's internet presence. BaFin
emphasizes that Friedrich has no business relationship with the operator of
tradestatisticsview.com, labeling this incident as identity fraud committed
against Friedrich by unknown perpetrators.</p><p>Companies
operating in Germany are obligated to secure <a href="https://www.financemagnates.com/tag/bafin/">BaFin</a> authorization for
banking, financial, or investment services. To verify whether a specific
company holds BaFin authorization, consumers are encouraged to consult BaFin's
database of authorized companies.</p><p>Warning
Extends: Unauthorized Investment Website and Identity Fraud</p><p>In
an earlier report at Finance Magnates, it was stated that <a href="https://www.financemagnates.com/forex/german-regulator-flags-investment-website-engaged-in-identity-fraud/">BaFin
had issued a warning against the investment website cmfx.trade</a>, operated by
Capital Master GmbH. The website lacks essential legal information, such as the
company's domicile or business address.</p><p>Capital
Master claims to offer investment services, including contracts for difference
instruments for forex, cryptocurrencies, and futures. Despite false claims of
collaboration with entities like McLaren, <a href="https://www.financemagnates.com/tag/binance/">Binance</a>, Coinbase,
Kraken, and <a href="https://www.financemagnates.com/tag/blockchain-com/">Blockchain.com</a>,
the platform does not possess the necessary regulatory license from BaFin.</p><p>BaFin's
warning extends to identity fraud, revealing that individuals claiming to be
Capital Master employees are reaching out to customers of Tierion Finance,
another unauthorized online trading platform previously targeted by BaFin.
These individuals offer affected customers the chance to recover their invested
capital and alleged profits, falsely claiming a connection with EUWAX
Aktiengesellschaft, a BaFin-authorized company.</p>

This article was written by Tareq Sikder at www.financemagnates.com.