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Malta Financial Regulator Warns Against Unauthorized Crypto Firms

Malta Financial Regulator Warns Against Unauthorized Crypto Firms

Malta’s monetary regulator has issued warnings in opposition to two crypto web sites that falsely claimed to be licensed by the nation. 

The Malta Financial Services Authority (MFSA) referred to as out the “COINMALEX” and “Crypto Foxtrades” crypto exchanges in twin warnings Wednesday. Both entities had claimed to be licensed, registered or domiciled in Malta, all of which MFSA denied.

COINMALEX’s “about” web page encompasses a doc purporting to be from the “Malta Business Registry,” an actual establishment inside the small European island state. The doc’s letterhead prominently shows the British royal coat of arms. Malta ceased utilizing that icon when it gained independence from Britain in 1964.

Crypto Foxtrades’ “about us” web page is extra forthright about its alleged Malta ties. It claims to be “licensed and regulated as a Category 3 Investment Services provider by the Malta Financial Services Authority.” That is an actual class, nonetheless MFSA insisted that Crypto Foxtrades shouldn’t be licensed underneath it.

“The MFSA wishes to alert the public, in Malta and abroad, that Crypto Foxtrades is NOT a Maltese registered Company NOR licenced or otherwise authorised by the MFSA to provide the service of an exchange or other financial services which are required to be licenced or otherwise authorised under Maltese law,” MFSA mentioned.

MFSA launched an analogous assertion for COINMALEX.

Crypto Foxtrades and COINMALEX didn’t instantly reply to requests for remark.

MFSA has been carefully policing allegedly Maltese crypto companies since 2018, issuing warnings wherever and each time it noticed one claiming phony licensure. Its efforts got here to a head in February with the revelation that Binance, one of many world’s largest exchanges, had by no means operated in Malta and was by no means regulated by MFSA.

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