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.“