The German Federal Financial Supervisory Authority (BaFin) today announced that GTS Financial LLC has not been granted authorisation to provide financial services in Germany.
The German regulator stated that GTS Financial, operator of a trading platform gtsfinancial.net, contacts German investors. BaFin confirmed that it does not supervise the company, adding that the business has provided a US address on its website, as well as additional alleged addresses in Denmark and Belgium.
In the official statement, BaFin Stated:
The company claims on its website that it is regulated by the U.S. Securities and Exchange Commission, but this cannot be verified.
The regulator added:
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.
