On Wednesday, the German Federal Financial Supervisory Authority BaFin announced an investigation into F.W International (Finance Wise International).

The official announcement stated that F.W International proactively contacted German clients of Trading Global (Hoxton), a trading platform operated by LTD, hoxglobal.com, and claimed to conduct business for the company through its own platform, financewiseint.com. These two websites are almost identical.

BaFin pointed out that under the German Banking Act (KWG), any company providing banking or financial services in Germany must obtain authorization, and F.W International is not regulated by it.

F. W International claims to have branches in Berlin, Cyprus, Australia, and the UK, and claims to have registered with the Cyprus Securities and Exchange Commission. However, the registration information provided by the company points to a company named IC GlobalMarkets Ltd., which cannot be verified.

Based on the information provided by the financewiseint.com website and the information and documents held by BaFin, it is suspected that the website was engaged in banking business and/or providing financial services in Germany without obtaining necessary authorization.

BaFin, the German Federal Criminal Police and the German State Criminal Police suggest that investors should maintain high caution when making online investments and conduct necessary investigations in advance to avoid being deceived.