Germany’s BaFin Orders Three Brokers to Cease Operations

Germany’s Federal Financial Supervisory Authority, otherwise known as BaFin, has ordered BP1 LP, Gum Ltd., and Pairs Ltd. to immediately cease their operations. The three orders were posted on the regulator’s website on Tuesday.

The decision for the cessation of activities was made on June 28, 2018, for all three companies. According to the individual reports, all firms are unauthorised to provide any sort of financial service or product and must stop operations immediately. The decision from the regulator is enforceable by law.

BP1 LP

BP1 LP operates a Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term under the name Star Options. Through its platform, the broker allows investors to buy or sell binary options and contracts for difference (CFDs) on equities, indices, currencies, commodities, and Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. The broker is based in the United Kingdom, and it operates its trading platform through its website www.sternoptions.com.

Gum Ltd.

Gum Ltd. has also been flagged by the regulator. Its trading platform, which is operated under the name Stern Markets, can be accessed via the website www.sternmarkets.com. The broker offers a series of instruments for investment. Mainly, the company offers CFDs on equities, indices, foreign exchange, commodities, and cryptocurrencies.

According to its website, Stern Markets: “leads the way in the online trading industry, and one need not look any further to see what a difference cutting edge technology and the highest levels of expertise mean for the serious trader.”

According to the warning, Gum Ltd. is based in the Marshall Islands. On the website for the trading platform, the broker also claims its European support center is on the 5th and 6th Floors, Landmark Building, 14 Tsar Osvoboditel Blvd., Sofia, Bulgaria, 1000.

Pairs Ltd.

The final company to feel the wrath of BaFin is Pairs Ltd., which operates under the name Weiss Finance. This company also allows investors to trade CFDs on equities, indices, currencies, commodities, and cryptocurrencies.

On its website, the broker claims: “Weiss Finance provides a state-of-the art trading platform and we maintain a safe online trading environment secured with the most sophisticated security protection technology in the world.”

Pairs Ltd. also has its registered address on the Marshall Islands. Weiss Finance claims to be registered in Estonia under the license number 14310046. It also alleges that its registered address is Roosikrantsi tn 2-K326, Keslinna city district, Tallinn, Harju county, 10119, Estonia. However, the company states its operational address is in Bulgaria.