BaFin blacklists Wise Banc

BaFin blacklists Wise Banc

The financial regulatory authority in the Bundesrepublik (BaFin) blacklisted Wise Banc, operated by Orion Service EOOD, which according to the official statement is targeting German customers without proper authorization.

Wise Banc is a forex and CFD broker, offering a variety of crypto CFDs, which is based offshore and is not regulated by any official financial regulator,

BaFin warns potential investors to regard any promises of too- good- to- be true returns with extra caution, because too often such offers are simply scams.

“A guaranteed investment with a high return that considerably exceeds the market return is often too- good- to- be- true”, BaFin warns.

The regulator also advises potential investors always to check the broker’s identity and license status, and never to deal with a broker, that cannot be clearly identified and is not licensed and regulated by an official financial authority.

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