In a notice dated 20 May 2020, BaFin ordered CFNX Holdings OÜ, Tallinn, Estonia, to cease proprietary trading immediately.
On its trading platform, www.kapnetz.com the company offers German customers financial contracts for differences (CFDs) based on underlying assets such currencies and cryptocurrencies.
The company is thus conducting proprietary trading within the meaning of section 1 (1a) sentence 1 no. 4 (c) of the German Banking Act (Kreditwesengesetz – KWG) on a commercial basis without the authorisation required under section 32 (1) of the KWG. It is therefore conducting unauthorised trading.
The company untruthfully claims to have an authorisation of the authority FI (Finantsinspektsioon) in Estonia. The FI has already published a warning.
