Malta authorities crack down on unlicensed crypto companies.

The Financial Services Authority in Malta has named two crypto companies that claim to be registered in Malta, but the MFSA has denied those claims.

The Financial Services Authority in Malta had warned two crypto companies COINMALEX and Crypto Foxtrades that claimed that they are registered and licensed in Malta, but according to MFSA, those claims are false. Malta authorities issued a warning to people saying that these crypto companies are not approved by the MFSA.

 

“Crypto Foxtrades and COINMALEX are not registered with MFSA.”

The Malta Financial Services Authority warned the public saying that the Crypto Foxtrades is not a Maltese registered Company nor licensed or otherwise authorized by the MFSA to provide the service of an exchange or other financial services that are required to be licensed or otherwise authorized under Maltese law. The financial authority also released a similar statement for COINMALEX.

 

MFSA continues to warn people of fake crypto businesses. 

This is not the first time that the MFSA has issued a warning against crypto companies that falsely claim to be registered or based in Malta. The financial authority has been closely policing allegedly Maltese crypto businesses since 2018, issuing warnings wherever and whenever it spotted one claiming phony licensure. Earlier, MFSA revealed that the Binance, one of the world’s largest exchanges, had never operated in Malta and was never regulated by MFSA.

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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