In a notice dated 31 July 2020, BaFin ordered SwisCapital LTD., Kingstown, Saint Vincent and the Grenadines, to cease cross-border proprietary trading immediately.
SwisCapital LTD. operates the trading platform FXLEADER for contracts for difference (CFDs) and currencies, among other things. The platform can be accessed through the domain swiscapital.com.
The company is thus conducting proprietary trading within the meaning of section 1 (1a) sentence 2 no. 4 (a) of the German Banking Act (Kreditwesengesetz – KWG) on a commercial basis without having obtained authorisation from BaFin, as required under section 32 (1) of the KWG. It is therefore conducting unauthorised business activities.
By law, the order is immediately enforceable but not yet final.