Aggregated News From Investment Management Regulators

Soleil Rouge Inc./Platform grandefex: BaFin prohibits unauthorised deposit business and orders winding-up


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In a notice dated 22 June 2020, BaFin prohibited Soleil Rouge Inc., Roseau, Dominica, from conducting deposit business and ordered it to wind up said business without delay.

Soleil Rouge Inc. operates the foreign exchange trading platform for currency pairs. In this context, the company accepts funds from others as deposits or other unconditionally repayable funds from the public.

Soleil Rouge Inc. is thereby conducting deposit business without the required authorisation from BaFin.

By law, the order is immediately enforceable but not yet final.

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