In a notice dated 14 May 2020, BaFin ordered Netbit services and solutions limited, Tallinn, Estonia, to cease its unauthorised proprietary trading immediately.
On its platform www.elitetrading.co, the company concludes contracts for difference (CFDs) with customer, based on underlying assets such as currency pairs, shares, commodities and indices. As the company’s website is also available in German, the company targets potential German-speaking customers and thus the German market.
The company’s proprietary trading is therefore deemed commercial within the meaning of section 1 (1a) sentence 2 no. 4 (c) of the KWG. Netbit services and solutions limited does not hold the authorisation from BaFin required under section 32 (1) of the KWG and is therefore conducting unauthorised business.
The notice has not yet become final.
