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In accordance with section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG), BaFin would like to make clear that the operator of the trading platform vrdown.com does not have authorisation under the KWG to conduct banking business or provide financial services. On its website, the company is simply referred to as “Vrdown” and no details are given regarding its legal form. The company is not supervised by BaFin. The website also does not contain any information regarding the company’s registered office or business address. There is likewise no legal notice.
The information provided on the website vrdown.com and the information and documents available to BaFin give reasonable grounds to suspect that the platform is being used to conduct banking business and/or provide financial services in Germany without the required authorisation.
Companies that conduct banking business or provide financial services in Germany require authorisation under the KWG. However, some companies operate without the necessary authorisation. Information on whether a particular company has been granted authorisation by BaFin can be found in BaFin’s database of companies.
BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.
