Varengold Bank

In the marketplace banking division, the bank supports online marketplaces that deal with the financing of companies and consumers (peer-to-peer platforms). Varengold finances the growth of fintech companies and provides them with products requiring a banking license (fronting services).{{Cite web|url=https://unicorn-fintech.com/fintech-centric-german-bank-varengold-launches-bulgarian-operations/|title=Fintech Centric German Bank Varengold Launches Bulgarian Operations|date=26 November 2018|website=Unicorn Fintech Solutions|access-date=14 August 2019}} In the transaction banking and commercial banking division, the bank provides foreign trade-oriented customers with basic products such as account relationships and international payment transactions. The bank also has a customer base for trade finance transactions (e.g., guaranties or letters of credit).

Varengold Bank AG is registered with the Federal Financial Supervisory Authority (BaFin) under No. 109520{{Cite web|url=https://portal.mvp.bafin.de/database/InstInfo/institutDetails.do?cmd=loadInstitutAction&institutId=109520|title=BaFin database of companies|website=BaFin|access-date=14 August 2019|language=de}} and is affiliated with the Entschädigungseinrichtung deutscher Banken (EdB).{{Cite web|url=https://www.edb-banken.de/en/banks/varengold-bank-ag/|title=Varengold Bank AG|last=|first=|date=|website=Entschädigungseinrichtung deutscher Banken|access-date=14 August 2019}} Varengold shares (stock symbol VG8) is listed on the Xetra of the Frankfurt Stock Exchange.{{Cite web|url=https://www.marketwatch.com/investing/stock/vg8/profile?countrycode=xe|title=

Varengold Bank AG|website=Market Watch|access-date=14 August 2019}}

Varengold was founded in 1995 by Yasin Sebastian Qureshi and Timur Coban as an asset management boutique.{{citation needed|date=August 2021}} Since the company was founded, the focus of its business activities has initially been on derivatives brokerage and services in the area of alternative investments such providing trading in contracts for difference (CFDs).

In 1998, Varengold was granted a credit institution license by the then Federal Banking Supervisory Office (Bundesaufsichtsamt für das Kreditwesen). In June 2013 Varengold was granted a license as a deposit-taking bank.

Since 20 March 2007, the Varengold shares have been listed in the unofficial market of the Frankfurt Stock Exchange in the Entry Standard market segment. With the discontinuation of the Entry Standard on 1 March 2017, Varengold moved to the Basic Board.{{Cite web|url=https://www.dgap.de/dgap/News/adhoc/varengold-bank-einbeziehung-das-basic-board/?newsID=987085|title=Varengold Bank AG: Einbeziehung in das Basic Board|date=16 February 2017|website=DGAP.DE|access-date=14 August 2019|language=de}}

The Jerusalem Post reported in October 2018 that Varengold was said to have been doing business with Iran Air at that time despite US sanctions.{{Cite web|url=https://www.jpost.com/International/EXCLUSIVE-German-bank-holds-account-for-soon-to-be-sanctioned-Iran-Air-570217|title=German bank holds account for soon-to-be-sanctioned Iran Air|last=Weinthal|first=Benjamin|date=24 October 2018|website=The Jerusalem Post|access-date=14 August 2019}}

The Varengold investment subsidiary was involved in cum-ex transactions. As of 2018, possible claims in the high double-digit millions still burden the bank's balance sheets. The public prosecutor's office in Cologne is investigating the former responsible persons from Varengold due to a particularly serious case of tax evasion.{{Cite web|url=https://www.tagesschau.de/wirtschaft/cum-ex-kpmg-101.html|title=Fehler im Prüfsystem?|last=Bognanni|first=Massimo|date=24 March 2019|website=tagesschau.de|access-date=14 August 2019|language=de}}{{Cite AV media|url=https://www.ardmediathek.de/ard/player/Y3JpZDovL2Rhc2Vyc3RlLmRlL3JlcG9ydGFnZSBfIGRva3VtZW50YXRpb24gaW0gZXJzdGVuLzMxNjZjNmEzLWNmMjMtNDU1Ni04MTQ3LWExNzZkNTY3ODFkOA/|title=Die unheimliche Macht der Berater|trans-title=The eerie power of the advisers|date=25 February 2019|publisher=ARD|access-date=14 August 2019|lang=de|url-access=limited}}

In August 2020, the credit house was searched by investigators due to the cum-ex investigations.{{Cite web|url=https://www.ndr.de/fernsehen/sendungen/panorama3/Cum-Ex-Skandal-Ermittler-durchsuchen-Bank-in-Hamburg,cumex244.html|title=Cum-Ex-Skandal: Ermittler durchsuchen Bank in Hamburg |first1=Manuel |last1=Daubenberger |first2=Oliver |last2=Schröm |first3=Jonas |last3=Schreijäg |first4=Lea |last4=Busch|date=18 August 2020|website=ndr.de|access-date=27 August 2020|language=de}}

On June 27, 2023, BaFin prohibited Varengold Bank AG from conducting transactions with "payment agents" and other third parties related to Iran due to high money laundering risks and serious deficits in money laundering prevention.{{Cite web|url=https://finanzmarktwelt.de/varengold-bank-bafin-untersagung-279208/|title=BaFin untersagt Varengold Bank bestimmte Transaktionen|author=Claudio Kummerfeld|date=3 August 2023|website=finanzmarktwelt.de|access-date=3 August 2023|language=de}}

{{Reflist}}

• {{Official website|https://www.varengold.de/}}

{{Portal|Banks}}

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Category:1995 establishments in Germany

Category:Banks established in 1995

Category:Banks of Germany

Category:Brokerage firms

Category:Companies based in Hamburg

Category:Companies listed on the Frankfurt Stock Exchange