Abstract：BaFin has flagged a growing list of online platforms operating without authorisation in Germany. Many are linked to unlicensed activity and misleading branding tactics.
Germanys financial regulator BaFin (Federal Financial Supervisory Authority) has recently issued a series of public warnings against a growing number of websites offering financial, investment, and cryptoasset services without proper authorisation. These platforms are not supervised by BaFin, and in several cases, are suspected of identity fraud or cloning legitimate institutions.
According to the regulator, any entity wishing to operate within Germanys financial markets must first obtain appropriate authorisation. However, BaFin has discovered that many companies continue to offer services illegally, posing a direct risk to consumers and investors.
Websites Under Investigation
In its latest warnings, BaFin has listed multiple suspicious domains. These include:
- evex-ultra.com – Suspected of offering unauthorised cryptoasset services.
- stacks-de.com and its predecessor stacks-finanzen.de – Offering financial and crypto services under the name “Stacks” without a license.
- deltaglobal.ai and trade.deltaglobal.me – Linked to unregulated financial activities and identity theft involving a fake “DeltaGlobal” brand.
- greymaxltd.net, grey-max.com, grey-max.net – Presenting themselves as “GREYMAX Capital,” falsely claiming UK origin.
- cryptonovaint.net – Operated by “CryptoNovaInt,” offering services without authorisation.
- capitalvn.com – Suspected of providing investment and financial services without a license.
- castilage.com (formerly distinction.info) – Allegedly run by “Castilage Investment Company” based in Frankfurt, another unauthorised provider.
- financialstarinc.com and the app FS Glows – Offering investment “recommendations” via WhatsApp under false claims; associated with cloned brands like “Waystone.”
- victorian-fx.pro (and former site victorian-fx.com) and greenhillcai.com – Nearly identical in structure and content, suspected of coordinated unauthorised activity.
- eurofundspro.com – Suspected of offering a combination of financial, investment, and cryptoasset services without oversight.
- wealth-partnersamtegernsee.com – Misuses the name of Wealth Partners Tegernsee GmbH; another case of confirmed identity theft.
Identity Theft & Cloning Tactics Increasing
Several of the listed websites were found to use the names and branding of real financial institutions, a practice known as cloning. In such cases, fake entities mimic the look and feel of authorised companies, sometimes even copying legal disclaimers or offering nearly identical websites, which misleads consumers into thinking the service is legitimate.
BaFin has clarified that none of these platforms are licensed, and their activities are being actively investigated.
Consumer Advisory: How to Stay Safe
Investors in Germany are urged to exercise extreme caution when engaging with online financial platforms. Before depositing funds or providing personal information, users should verify:
- Whether the company is listed in BaFins official company database.
- Whether the website uses cloned branding or unverifiable contact details.
- Any sudden changes in website domains or newly rebranded platforms with similar content.
To assist with due diligence, platforms like WikiFX provide comprehensive broker evaluations, including regulatory status, risk ratings, user reviews, and detection of unlicensed or cloned firms.
