BaFin issues alert on cmfx.trade, revealing identity fraud links and unlicensed trading by Capital Master GmbH.
BaFin issues alert on cmfx.trade, revealing identity fraud links and unlicensed trading by Capital Master GmbH.
BaFin issued a stark fraud alert on Monday, cautioning against the unlicensed investment website mix.trade operated by Capital Master GmbH. The regulatory body unveils disturbing connections to identity fraud, urging the public to avoid engaging with the platform and highlighting concerns about its lack of financial and investment services authorization.
BaFin highlighted a critical deficiency on the website, emphasizing the absence of a legal notice or any information regarding the company’s domicile or business address. Despite purporting to offer investment services with contracts for difference (CFDs) in forex, cryptocurrencies, and futures, Capital Master operates without the mandatory regulatory license required for online trading platforms in Germany.
Asserting itself as a “strong advocate of transparency,” the platform grandiosely claims complete separation from its funds. However, BaFin’s investigation reveals these statements to be deceptive, mirroring a broader pattern of misinformation.
Among the false claims propagated by Capital Master is its alleged collaboration with prominent entities such as McLaren, Binance, Coinbase, Kraken, and Blockchain.com. These assertions, though, lack credibility and are deemed misleading by BaFin.
In a concerning twist, BaFin disclosed that individuals posing as employees of Capital Master have been reaching out to victims of Tierion Finance, another unauthorized online trading platform previously addressed by BaFin. These impostors offer victims the opportunity to recover their invested capital, falsely asserting a connection with EUWAX Aktiengesellschaft, a BaFin-authorized company. BaFin clarified that no such connection exists, categorizing the situation as identity fraud committed against EUWAX Aktiengesellschaft by unknown perpetrators.
This warning serves as a crucial reminder of the persistent risks associated with unlicensed online trading platforms and the critical importance of conducting thorough due diligence. BaFin urges individuals to exercise caution, report any suspicious activities related to Capital Master GmbH, and remain vigilant in the face of evolving fraudulent schemes within the financial sector.
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