Federal Financial Supervisory Authority

19.09.2022 | Topic Unauthorised business Trading platform gtsfinancial.net: BaFin investigates GTS Financial LLC GTS Financial LLC contacts German investors and recommends specific shares. The company also operates a trading platform with the following domain: gtsfinancial.net. In accordance with section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG), BaFin would like to make clear that GTS Financial LLC, USA, has not been granted authorisation under the KWG to conduct banking business or provide financial services. The company is not supervised by BaFin. The company mentions two business addresses in the USA on its website. The website also refers to additional alleged business addresses in Denmark and Belgium. In addition, the company claims on its website that it is regulated by the U.S. Securities and Exchange Commission, but this cannot be verified. The information provided on the website gtsfinancial.net and the information and documents available to BaFin give reasonable grounds to suspect that the platform 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 authorised 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.