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The Federal Financial Supervisory Authority (BaFin) has announced an investigation into AVA Trade, cautioning that the company may be offering financial services on platformava.com without proper authorization. This announcement was made in a news release on January 23, 2025.
According to BaFin, the company AVA Trade might be providing banking and financial services through its website platformava.com without the necessary authorization. BaFin clarified that the company is not under its supervision and that platformava.com is not affiliated with Ava Trade EU Limited, which is based in Dublin, Ireland.
Section 37 of the German Banking Act (KWG) permits BaFin to take action against unauthorized banking activities or financial services. If a company operates without required licenses or engages in prohibited transactions, BaFin can order operations to cease and appoint a liquidator for settlement. The authority also has the power to inform the public if a company is suspected or found to be involved in unauthorized activities. Should such information prove false, BaFin is obligated to correct it, as said by the Federal Ministry of Justice of Germany.
