Home / Regulators / BaFin / BaFin – Final Cease-and-Desist order against illegal payment processor Global Data Conduct

 

Germany is known in the international scam and cybercrime scene for its illegal payment processors. Scammers are fond of their exceptional bank wire services. The BaFin today announced that the Cease-and-Desist order issued in July 2020 against Global Data Conduct GmbH is final and conclusive. This illegal payment processor facilitated the broker scam TradesFX (www.tradesfx.com).

According to the BaFin findings, Global Data Conduct GmbH accepted 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 were the operators of the already vanished TradesFX (www.tradesfx.com) scam. FinTelegram reported about the BaFin order already in July 2020.

 

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