Until recently, BDSwiss was regulated in Europe by CySEC as a Cyprus Investment Firm (CIF). The broker was known for attacking clients with misleading marketing campaigns and offshore structures. As a result, the UK FCA banned BDSwiss, and CySEC also imposed penalties. Consequently, BDSwiss has left the EU and CySEC and is now regulated by FSA Seychelles and FSC Mauritius. We are upgrading BDSwiss to our Red Compliance List.
BDSwiss (New) Key Data
| Trading names | BDSwiss |
| Domains | https://bdswiss.com |
| Legal entities | BDS Ltd (Seychelles) Viverno Markets Ltd |
| Related individuals | Jan Eric Malkus (LinkedIn) Dennis Uitz (Germany) |
| Jurisdictions | Seychelles, Cyprus |
| Regulators | FSA Seychelles for BDS Ltd with license number SD047 FSC Mauritius for BDS Markets with license No. C116016172 |
| Leverage: | up to 1:2000 (dynamic leverage) |
| Contact data | [email protected] |
| Payment options | Bank wire, credit/debit card PayPal, Trustpay, eps, Skrill Cryptocurrencies |
| Payment processors | Payabl |
| Compliance rating | Orange |
| Warnings | FCA, BaFin |
Compliance Check
Since we put BDSwiss on our compliance radar, the group has attempted to circumvent European financial laws and regulations through offshore structures. As a result, BDSwiss was also banned by the FCA in the UK in 2021. The UK regulator explicitly pointed out the misleading of customers. CySEC has also penalized the broker.
In this respect, the withdrawal from Europe to the Seychelles is consistent.
In our new review on Nov 21, 2023, we established the following points:
- We were able to continue working with BDSwiss as an existing client who is a resident of the UK or an EEA jurisdiction. We simply had to accept the new terms and conditions, which would have automatically come into force in December. This is not clean.
- We were no longer able to register with BDSwiss as a new client being a resident of the UK or EEA. It is possible to circumvent this restrictions but at least there is a restriction. This is good news. However, the offshore broker BDSwiss uses the CySEC-licensed Viverno Markets Ltd as a payment agent, as is transparently stated on the website. Although this constellation could also represent a regulatory potential for problems, this is currently not apparent.
- As already criticized in previous reviews, unlimited pre-KYC deposits via cryptocurrencies such as Bitcoins, Ether or USDT are still possible.
We have, therefore, upgraded the offshore broker to Orange Compliance and will continue to monitor how BDSwiss behaves.
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If you have any information about BDSwiss, please share it through our whistleblower system, Whistle42.
