Federal Financial Supervisory Authority

22.09.2022 | Topic Unauthorised business BaFin investigates Trading Global (Hoxton), LTD Trading Global (Hoxton), LTD establishes unsolicited contact with German customers and offers them the prospect of recuperating money lost from earlier online investments. On its website, hoxglobal.com, the company also offers asset management services to prospective customers. In accordance with section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG), BaFin would like to make clear that Trading Global (Hoxton), LTD, has not been granted authorisation under the KWG to conduct banking business or provide financial services. The company is not supervised by BaFin. The provider claims to have branches in Switzerland, Cyprus, Australia and Great Britain. Moreover, it claims to be registered with the Cyprus Securities and Exchange Commission; however, it is not possible to verify this registration. The information provided on the website hoxglobal.com and the information and documents available to BaFin give reasonable grounds to suspect that the website is being used to conduct banking business and/or provide financial services in Germany without the required authorisation. Companies that conduct banking business or provide financial services in Germany require authorisation under the KWG. However, some companies operate without the necessary authorisation. Information on whether a particular company has been granted authorisation by BaFin can be found in BaFin’s database of companies. BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand to avoid becoming the victim of fraud.