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In a notice dated 12 July 2021, BaFin ordered Tillga Ltd, Dominica, which operates the trading platform bitmaxonline.com, to immediately cease its unauthorised portfolio management activities.
German customers can open trading accounts on the bitmaxonline.com platform and use them to trade in crypto currencies. Employees of the platform make investment decisions for their customers on their own authority.
The operator of the platform is therefore providing portfolio management services within the meaning of section 1 (1a) sentence 2 no. 3 of the KWG on a commercial basis. It does not hold authorisation from BaFin as required under section 32 (1) of the KWG and is thus conducting unauthorised business.
According to information available to BaFin, Tillga Ltd customers are contacted by persons claiming to work on behalf of the British Financial Conduct Authority (FCA). The customers are told that funds invested on the bitmaxonline.com platform and initially lost have been recovered by the FCA. The caller claims to have been commissioned to pay out these amounts. It has been confirmed by the FCA that this information is false and that no such commissioning has taken place.
