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The Federal Financial Supervisory Authority (BaFin) has issued a consumer warning regarding the website dynasty-trade.io, which is offering unauthorized banking and financial services. The announcement was made in a news release on January 14, 2025.
According to BaFin, the operator of dynasty-trade.io claims to be licensed by the Financial Conduct Authority (FCA), International Financial Services Commission (IFCSA), and Cyprus Securities and Exchange Commission (CySEC). However, these claims are fraudulent, and the licensing documents provided on the site are fake. In Germany, only companies authorized by BaFin are permitted to offer financial services.
Section 37 of the German Banking Act (KWG) empowers 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 the cessation of operations and appoint a liquidator to handle the settlement. Additionally, BaFin has the authority to inform the public if a company is suspected or found to be engaging in unauthorized activities. If such information is proven false, BaFin is required to correct it, according to the Federal Ministry of Justice of Germany.
