Home / Regulators / BaFin / BaFin issues Cease and Desist orders against unauthorized German payment processors

 

On October 19, 2020, German regulator BaFin issued two Cease and Desist Orders against the two unauthorized payment processors ION & Maga Consulting GmbH and Premium Service ECN GmbH. Both of them processed bank transfers for the illegal brokers BlueTrading, CoinBrokerz, and TradeDAX respectively.

According to BaFin, ION & Maga Consulting GmbH, which was formed in November 2018 from a shell company of SCUR24, registered in Munich (see company data). The entity carried out bank transfers from victims for the Forex and crypto brokers Scams Blue Trading (www.bluetrading.com) and CoinBrokerz (ww.coinbrokerz.com).

The Premium Service ECN GmbH, which also emerged from a dormant company in May 2018 (see company data), in turn, is said to have carried out bank transfers from customer victims of the broker scams TradeDAX (www.tradedax.com). The Italian CONSOB has already warned against the TradeDAX Scam in 2018. The operator is the Blonde Bear OÜ, a member of the notorious Zoo Broker Scam Network (see FinTelegram Report).

 

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