In a notice dated 22 April 2021, BaFin ordered KBS Capital Markets Ltd, Marshall Islands, as the operator of the imctrades.io trading platform, to immediately cease its unauthorised portfolio management activities.
The platform is used to open trading accounts for customers. These accounts purportedly allow customers to trade in contracts for difference (CFDs), forex products, commodities, shares, indices, crypto currencies and futures. The company makes investment decisions regarding the accounts without consulting the account holders beforehand.
In doing so, the company is providing portfolio management services within the meaning of section 1 (1a) sentence 2 no. 3 of the KWG on a commercial basis. KBS Capital Markets Ltd does not hold authorisation from BaFin, as required under section 32 (1) of the KWG, and is therefore conducting unauthorised activities.
KBS Capital Markets Ltd previously maintained an online presence with the imctrades.com website. Now, online users are redirected directly from the above website to the imctrades.io website.
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