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Germany's Federal Financial Supervisory Authority, BaFin, has opened an investigation into the unauthorized activities of an individual operating through the website fx-flat.com. This website falsely offers banking transactions and financial services without proper authorization, posing a serious threat to consumers and the integrity of financial institutions.
The manager of fx-flat.com, whose identity has not yet been revealed, promotes banking services and financial transactions without the necessary approval from regulatory authorities. Notably, FXFlat Bank GmbH has clarified that the website is not affiliated with its operations, indicating a case of identity theft to the detriment of the regulated financial institution.
Operating primarily in Italian, the alleged manager, allegedly based in Ratingen, seeks to lure consumers into opening commercial accounts. The website provides false information, including the address of the company's former headquarters and the telephone number of FXFlat Bank GmbH, thereby misleading consumers into believing its legitimacy. Additionally, fx-flat.com falsely claims authorization from BaFin, further compounding the deception.
In Germany, any entity offering financial or investment services must obtain explicit authorization from BaFin. Despite this requirement, some entities offer services without obtaining the necessary approvals, as in the case of fx-flat.com.
BaFin, together with the Federal Criminal Police Office and regional law enforcement agencies, strongly advises consumers to exercise extreme caution when investing online.
Germany's Federal Financial Supervisory Authority, BaFin, has opened an investigation into the unauthorized activities of an individual operating through the website fx-flat.com. This website falsely offers banking transactions and financial services without proper authorization, posing a serious threat to consumers and the integrity of financial institutions.
The manager of fx-flat.com, whose identity has not yet been revealed, promotes banking services and financial transactions without the necessary approval from regulatory authorities. Notably, FXFlat Bank GmbH has clarified that the website is not affiliated with its operations, indicating a case of identity theft to the detriment of the regulated financial institution.
Operating primarily in Italian, the alleged manager, allegedly based in Ratingen, seeks to lure consumers into opening commercial accounts. The website provides false information, including the address of the company's former headquarters and the telephone number of FXFlat Bank GmbH, thereby misleading consumers into believing its legitimacy. Additionally, fx-flat.com falsely claims authorization from BaFin, further compounding the deception.
In Germany, any entity offering financial or investment services must obtain explicit authorization from BaFin. Despite this requirement, some entities offer services without obtaining the necessary approvals, as in the case of fx-flat.com.
BaFin, together with the Federal Criminal Police Office and regional law enforcement agencies, strongly advises consumers to exercise extreme caution when investing online.
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