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Germany’s BaFin orders Stern Options, Stern Markets, and Weiss Finance to halt operations

 

The German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) has ordered several unauthorised companies to cease trading operations on Tuesday. Namely, these are BP1 LP (Stern options), Gum Ltd. (Stern Markets), and Pairs Ltd. (Weiss Finance), which have been targeting German investors without BaFin’s authorization.

 

All financial services providers in Germany must be licensed by BaFin. Of course, exceptions apply to companies authorized in other countries of the European Economic Area (EEA).

 

Stern Options is a binary options provider operated by BP1 LP – a company run out of Sofia, Bulgaria, and registered in the UK, which does not fall under UK, Bulgarian, German or any regulation. That being said, we remind you that ESMA banned binary options trading altogether as of July, 2018.

 

Although their names sound the same and their logos are identical, Stern Options and Stern Markets are allegedly operated by different companies. The latter is a forex and CFD broker focusing on cryptocurrencies, which claims to be owned by Gum Ltd. This company is registered on the Marshall Islands, actually sharing one and the same address with a bunch of shady brokers.

 

Pairs Ltd., the company behind the Weiss Finance brand, is also registered on the Marshall Islands.  The broker claims to be registered in Estonia as well, but states its company address is in Bulgaria. Similarly to Stern Markets, Weiss Finance offers trading in forex and cryptocurrencies on its basic web-based platform.

 

Germany’s financial watchdog BaFin has been wary of the booming cryptocurrency industry. Earlier this year it has ordered Berlin-based Crypto.exchange to cease operationsьха has also issued a number of warnings over ICOs.

 

In order to avoid being scammed and to have proper protection, investors should deal only with regulated financial services providers.

 

>> A list of reliable forex brokers operating in Germany <<

 

TAGS: BaFin  Stern Options  Stern Markets  Weiss Finance  Germany  regulation 
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
Cyprus CySec, FCA MT4, MT5, Web $5 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
UK, Cyprus, Hong Kong FCA, CySEC, SFC MT4, Web,
PrimeTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, South Africa CySec, FSCA, FSC MT4, Web $5 Review Website
UK FCA MT4, AT Pro,
Advantage Web
£100 Review Website
Seychelles FinaCom MT4, Web $10 Review Website

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