MCV-CAP Beteiligung AG and its BCB4U Bank are not authorized to provide financial services
Villach – No BaFin- Licence! The Banking Act (Kreditwesengesetz, KWG)
is a german law that regulates the credit market and applies to all
credit institutions and financial services institutions. The aim of the
law is to secure the functioning of the banking industry and to protect
the creditors of credit institutions from losing their deposits. This
can be seen in particular in paragraph 6 of the law, which describes the
tasks of the German Federal Financial Supervisory Authority
(Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin). On the one
hand, BaFin must exercise supervision over the credit and financial
services institutions. On the other hand, the BaFin must ensure the
proper execution of all banking and financial services and prevent
negative developments for the economy as a whole. The institution based
in Frankfurt am Main and Bonn is subordinate to the Federal Ministry of
Finance. It unites the supervision of banks, financial service
providers, insurers and the securities trade under its roof in order to
guarantee a functioning and stable German financial system. For
financial service providers who want to work legally, a permit in
accordance with Section 32 of the Banking Act is indispensable. Without
them, the operation of banking transactions and the provision of
financial services is prohibited. Dubious companies claim for this
reason to be in possession of this permit.
The related companies MCV-CAP Beteiligung AG and Tycoon69 AG also claim
to own the coveted KWG 32 license. In July 2019, BaFin warned against
unauthorized transactions of a BCB4U Bank AG, which is said to have been
founded by the Austrian MCV-CAP. Under the heading „BCB4U Bank AG no
institution approved under § 32 KWG“ was notified: „BaFin points out
that it has not granted BCB4U Bank AG permission to conduct banking
business or provide financial services in accordance with section 32 of
the German Banking Act (KWG). The companies Tycoon69 AG, based in
Ennetmoos, Switzerland, and MCV-CAP Beteiligung AG, based in Austria,
claim without right to have a banking license for BCB4U Bank AG, which
they are supposed to have established. None of these companies is
subject to BaFin supervision.“ The companies are also not authorized to
conduct banking transactions or provide financial services to German
customers across borders. The warning appeared in the section
„Unauthorized transactions“. The BCB4U Bank AG, behind which MCV-CAP
Beteiligung AG is based in Villach, Austria, is therefore prohibited
from doing banking, insurance, investment or e-money transactions or
providing financial services.
The company, managed by Christian Strasser, Ernst Gaulhofer and Thomas
Liebert, claims to be a specialist in technology, software, fintech and
banking. It states that „carrying out revolutionary and innovative
projects to make advanced technologies available to the masses quickly
and cheaply“. The goal is a „combination of traditional and blockchain
banking“ to allow for simpler and more efficient banking transactions.
In addition to crypto-banking, MCV-CAP intends to offer cashback
software, digital voucher systems, cashless payment solutions, ECO
product integration, insurance and banking products, and much more about
blockchain technology. In the internet and in the global blockchain
scene MCV-CAP Beteiligung AG presents itself very confidently and
declares its intention to build the largest crypto bank in the world –
the „Blockchain Bank for you“ (BCB4U). It says: „We are aiming to
establish a new Austrian bank with the potential to revolutionize the
traditional banking business as we know it. Next to numerous and
simplified payment options, we intend to combine the world of FIAT &
CRYPTO currencies to enable their everyday use. With the help of new
and innovative sales channels, artificial intelligence and the most
comprehensive bank applications to date, we are working towards a target
of millions of members by 2024.“
A company brochure from BCB4U says: „As already stated in the name, we
are working on building a bank that has the capability to perform also
based on Blockchain technology. Blockchain enables us to decentralize,
which means that, ideally, transactions are more secure, high-speed and
low-cost (in-house transactions even meant to be free of charge). The
databank is distributed so that each network user can receive a
synchronized real-time version of the latest update. For our future bank
we anticipate that our customers will be able to send digital assets
internationally for low fees in any desired currency.“ It is promised a
colorful mix of innovative financial services such as crypto-banking,
cards, wealth management, cash back and crypto-exchange. In March 2018,
on the occasion of the Initial Coin Offering (ICO), it was announced
that the BCB4U coin would become the internal bank and loyalty currency.
It also aims to make BCB4U the largest Blockchain bank in the world by
the end of 2023, with approximately 12 million customers and an
estimated 1.8 billion BCB4U transfers per annum.
The BaFin warning of July 2019 invalidates these high plans. Markus
Miller, chief analyst of the information platform KRYPTO-X.BIZ, warned
in 2018 of the Swiss company Tycoon69 AG under CEO Stefan Hostettler. He
is a dubious networker in multi-level marketing (MLM), who has already
experienced several spectacular bankruptcies. Miller writes: „I was and
am convinced that this fate will also endure Tycoon69 AG – and
unfortunately also many good faith investors and distribution partners.
When I heard the word Tycoon 69 for the first time, I thought of a porn
site. But it describes a dubious MLM distribution system for alleged
crypto, blockchain, banking and financial services in cooperation with a
MCV-CAP Beteiligung AG from Villach, Austria.“
According to Markus Miller, Tycoon69 AG is the distribution channel for
MCV-CAP Beteiligung AG: „This dubious company wanted to carry out an ICO
to finance a future blockchain or crypto bank, which effectively
failed. Now, with the help of the sales expertise of Tycoon69 AG, a
BCB4U coin and a BCB4U bank are to be created. Currently it is
apparently trying to acquire an existing bank in order to obtain a
banking license.“ However, the company does not own this KWG 32 license.
About the Austrian company, crypto expert Miller writes: „I currently
do not assume that behind the MCV-CAP Beteiligung AG fraudsters are, but
obviously completely naive and irresponsible persons who are
questionable in their competence and who engage in fact with a dubious
MLM distribution system.“