BaFin, Germany’s Federal Financial Supervisory Authority, has issued a consumer warning against three websites offering unauthorized banking, financial, and investment services: promarketscfd(.)com, rormarkets(.)com, and firstrade24(.)com. The firms falsely claim regulation in Canada, the Cayman Islands, and Italy, according to BaFin’s findings released this week.
- Websites flagged: promarketscfd(.)com, rormarkets(.)com, firstrade24(.)com
- False claims: Regulation in Canada, Cayman Islands, and Italy
- Legal basis: Section 37(4) of the German Banking Act (Kreditwesengesetz – KWG)
Under German law, any entity providing banking, financial, or investment services within Germany must obtain authorization from BaFin. These three operators have conducted business without the required licenses. Consumers can verify whether a company holds proper authorization by consulting BaFin‘s official database of licensed firms.
BaFin, working alongside the German Federal Criminal Police Office (BKA) and state-level criminal police offices, highlighted the growing threat of internet-based financial fraud. The authority urges prospective investors to conduct thorough due diligence before committing funds online and to research companies carefully to identify fraud schemes early. BaFin maintains a dedicated section on its website documenting current warnings about unlicensed operators and offering guidance on fraud prevention.
BaFin is Germany’s primary regulator overseeing banking, financial services, and insurance sectors under federal supervision.
