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The company opens trading accounts for customers on its trading platform bit-capitals.com (previously: navagates.com). The accounts are supposed to allow customers to trade in crypto currencies, forex products, shares, indices, commodities and CFDs. The company makes investment decisions regarding the accounts without consulting the account holders beforehand. In doing so, the company is conducting portfolio management activities commercially within the meaning of section 1 (1a) sentence 2 no. 3 of the BaFin, as required under section 32 (1) of the KWG, and is therefore conducting unauthorised business. ....