Share Oracle Ltd., Dominica/Online Trading Platform bit-capitals.com: BaFin Prohibits Unauthorised Portfolio Management

The company opens trading accounts for customers on its trading platform bit-capitals.com (previously: navagates.com). The accounts are supposed to allow customers to trade in crypto currencies, forex products, shares, indices, commodities and CFDs. The company makes investment decisions regarding the accounts without consulting the account holders beforehand.

In doing so, the company is conducting portfolio management activities commercially within the meaning of section 1 (1a) sentence 2 no. 3 of the KWG. Share Oracle Ltd. does not hold authorisation from BaFin, as required under section 32 (1) of the KWG, and is therefore conducting unauthorised business.

In an announcement dated 23 February 2021, BaFin had already stated that it had launched an investigation into the company and that there was no link between the authorised financial services institution BIT Capital GmbH, Berlin, which is supervised by BaFin, and Share Oracle Ltd./the trading platform bit-capitals.com. In the context of its business activities, Share Oracle Ltd. uses Bit Capitals’ and Bit Capital LLC’s names as well as BIT Capital GmbH’s address without their consent, falsely giving the impression that Share Oracle Ltd. is acting on behalf of the authorised institution.

Share Oracle Ltd. has told customers that it has been granted authorisation by BaFin and that it is subject to BaFin’s ongoing supervision. This claim is not true.