BaFin, Germany's financial supervisory authority, has ordered the cessation of cross-border proprietary trading on the part of Finatex Ltd, a firm based in the United Kingdom.

On its trading platform, www.crypto-capitals.com, Finatex offers options and contracts for differences on shares, indices, currencies and commodities. In facilitating customers’ access to the options and contracts offered, the company is conducting proprietary trading as defined by section 1(1a) sentence 2 no 4(c) German Banking Act (Kreditwesengesetz – KWG) as a service for others in Germany. However, it does not have the authorisation required under section 32(1).

BaFin's decision is immediately enforceable by law.