Germany’s BaFin Alerts Residents to Nexo – Group

The entity has been operating in Germany without the proper authorisation.

As we come to the end of the working week, Germany’s financial regulatory authority, the Federal Financial Supervisory Authority, more commonly known as BaFin, has published a warning on its website this Friday.

In particular, the German regulator has warned against Nexo – Group, an entity which claims to offer foreign exchange (forex) and cryptocurrency trading. According to the regulator, the entity does not have the authority to do so in the country.

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“The BaFin points out that the NEXO GROUP with alleged headquarters in Berlin permission according to § 32 of the German Banking Act ( KWG has) to conduct banking activities or provision of financial services in Germany. The company is not under the supervision of BaFin,” the watchdog said in its warning today.

Nexo – Group operates via its website www.nexo-group.com, in which it claims to be a trusted broker. The company says on its website that it offers forex, cryptocurrencies, commodities, stocks and indices for trading.

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“Nexo – Group will unveil the real world of forex trading and guide you through the forex era, the era that places your financial future in your hands. If there ever was a time to take the bull by the hours and look the bear square in the eye, that time is now,” the website states.

Global regulators remain vigilant

It’s not the German regulator that has remained vigilant this week. As Finance Magnates reported, over in the United Kingdom, the Financial Conduct Authority (FCA) has also updated its warning list.

Namely, the British regulator warned local investors to watch out for a company called ATUK, which impersonates the financial services group AT Global Markets (UK) Limited. It said that the main tactic of the scammers was to fraudulently claim that they had the relevant permissions to operate.

To this end, ATUK was trying to usurp the names and other legal information of AT Global Markets and refer consumers, for example, to the official website of the FCA to try to convince them that they are indeed the authorised firm.