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German BaFin investigates DeliTraders and Miva Solutions!

BaFin investigates Delitraders broker scam
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The German financial market regulator BaFin has announced that it has started investigations into the illegally operating broker DeliTraders (www.delitraders.com). The alleged operator of this broker is Miva Solutions LLC, registered in St. Vincent and the Grenadines. This offshore entity also operates the illegally active broker EuroCapitals (www.eurocapitals.com). Both brokers are members of the International Financial Market Regulation Center (IFMRC) and thus claim to be regulated. This claim is, of course, bullshit.

MIVA Solutions LLC is registered with the Financial Services Authority (FSA) of St. Vincent & The Grenadines with registration number 854. However, this is not a license to conduct financial business but simply a company registration. Euro-Caribbean Trustees Ltd established this offshore entity. At our review today (Sept 21, 2021), no activity was possible on either of the broker websites. They are about to vanish.

In its announcement, BaFin notes that Miva Solutions LLC has a certification from the International Financial Market Regulation Center (IFMRC). However, BaFin points out that IFMRC is neither a nationally nor internationally legitimized supervisory authority. The IFMRC website (www.ifmrc.org) has no imprint, nor is there any indication of the organization’s place of business. It is also unclear who founded it or is a member of this association. In this respect, IFMRC is not a regulator.

CategoriesBaFin

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