Malta’s Financial Regulator (MFSA) Cautions Against Crypto Enterprises Without License.

Malta’s monetary controller has given alerts against two crypto sites that erroneously professed to be authorized by the country.

The Malta Financial Services Authority (MFSA) got out the “COINMALEX” and “Crypto Foxtrades” crypto trades in twin admonitions Wednesday. The two substances had professed to be authorized, enlisted or domiciled in Malta, all of which MFSA denied.

COINMALEX’s “about” page includes a report indicating to be from the “Malta Business Registry,” a genuine organization inside the little European island state. The record’s letterhead noticeably shows the British regal ensign. Malta stopped utilizing that symbol when it picked up autonomy from Britain in 1964.

Crypto Foxtrades’ “about us” page is all the more frank about its supposed Malta ties. It professes to be “authorized and managed as a Category 3 Investment Services supplier by the Malta Financial Services Authority.” That is a genuine class, anyway MFSA demanded that Crypto Foxtrades isn’t authorized under 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 said.

MFSA released a similar statement for COINMALEX.

Crypto Foxtrades and COINMALEX did not immediately respond to requests for comment.

MFSA has been closely policing allegedly Maltese crypto businesses since 2018, issuing warnings wherever and whenever it spotted one claiming phony licensure. Its efforts came to a head in February with the revelation that Binance, one of the world’s largest exchanges, had never operated in Malta and was never regulated by MFSA.

source: coindesk

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