In a notice dated 19 April 2021, BaFin ordered Seabreeze Partners Ltd., Dominica, to immediately cease its unauthorised proprietary trading activities.
The company opens trading accounts for clients on its trading platform profitassist.io. The accounts are supposed to enable clients to trade in forex, shares, indices, commodities and derivatives, in particular CFDs. The company itself acts as counterparty for the trading orders that its clients place through the trading accounts and offers its own prices for this purpose.
In doing so, it is conducting proprietary trading within the meaning of section 1 (1a) sentence 2 no. 4 (c) of the KWG on a commercial basis. Seabreeze Partners Ltd. does not hold authorisation from BaFin, as required under section 32 (1) of the KWG, and is therefore conducting unauthorised business.
Additional information
Online trading platforms: BaFin warns against unlicensed providers