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BaFin announces warning on unauthorized services by identical websites

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BaFin announces warning on unauthorized services by identical websites
Webp branson
Mark Bran­son, president of BaFin | BaFin

The Federal Financial Supervisory Authority (BaFin) has issued a consumer warning concerning the websites premiumtradingsignal.com and pausepointnext.com, which are allegedly offering unauthorized financial services. This announcement was made in a news release on January 7, 2025.

According to BaFin, the services offered on these websites appear identical and involve financial and investment services without the necessary authorization. The websites offer trading in financial instruments but lack essential details such as legal forms, registered offices, and legal notices. Furthermore, BaFin states that the claimed registration in Australia cannot be confirmed.

Pause Point Next, established in 2015, focuses on currency trading and offers services for Forex, Contracts for Difference (CFDs), and cryptocurrencies. It provides access to over 1,000 forex pairs as well as CFDs on shares, indices, energies, metals, and Exchange-Traded Funds (ETFs), according to the websites.

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Section 37 of the German Banking Act (KWG) permits BaFin to intervene against unauthorized banking activities or financial services. If a company operates without necessary licenses or engages in prohibited transactions, BaFin can order operations to cease and appoint a liquidator for settlement. BaFin also holds the authority to inform the public if a company is suspected or found engaging in unauthorized activities; if proven false, it must correct this information.

BaFin oversees Germany's financial system's stability and integrity by supervising banks, financial service institutions, payment institutions, e-money institutions, insurers, asset managers, among others. Its responsibilities include solvency supervision and market supervision to ensure fair conditions while preventing misuse for money laundering or terrorist financing. Since May 1, 2002, following the merger of three federal supervisory offices, BaFin has been responsible for regulating and supervising the financial sector.

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Executive Chairman of Strategy: Public firms added ~131K BTC in Q2, boosting their bitcoin holdings by 18%