Home / Regulators / BaFin / BaFin issues cease and desist order against payment processor Global Data Conduct

 

The German regulator has issued a Cease and Desist Order against the illegal payment processor Global Data Conduct GmbH. We believe that BaFin meant Global Data Conducting GmbH, a company registered in Cologne, Germany. This German company at least acted as a facilitator for the already shut down broker scam TradesFX, received bank transfers from client victims and forwarded them to the scammers. The sole managing director of the company is Anatolijs Dedenko, who lives in Düsseldorf.

Global Data Conduct GmbH accepts funds from private persons on its own accounts for the sole purpose of transferring these funds to mainly foreign accounts of companies based abroad. Among these companies are the operators of unlicensed trading platforms as www.tradesfx.com.

BaFin Warning (link)

German companies are unfortunately often involved as illegal payment processors in broker scams. A downright dark industry has developed in Germany. Especially in the neighboring cities of Cologne and Düsseldorf, many of these illegal payment providers have settled. Well-known is the company B2G of Rainer Treuer and Oleg Shvartsman, which processed bank payments and laundered money for dozens of scams.

 

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