Malta Financial Service Regulator (MFSA) has issued a warning against COINMALEX and Crypto Foxtrades, two crypto exchanges on Wednesday. Actually, this is the second time that Malta Financial Regulator warns against these two unauthorized crypto firms that falsely claimed to be licensed by Malta Authority. Sometimes, it’s not good to have enough courage!
Unlicensed Exchange #1- Coinmalex
The “About” page of COINMALEX profess to be as a “Malta Business Registry”, within the small European island state. Basically, that page features as documents with prominent letterhead of British royal coat of arms. Can you imagine? How much they know the tactics! So, anyone can be easily trapped!
But one thing, these frauds don’t know. Malta stopped using that icon since 1964, they gained independence from Britain!
Unlicensed Exchange #2- Crypto Foxtrades
But the “About” page of Crypto Foxtrades is very clear about Malta Authority. It is claiming as a “licensed and regulated as a Category 3 Investment Services provider by the Malta Financial Services Authority.” Unfortunately, that is a real category! However, MFSA insisted this exchange is not licensed under it.
Malta Financial Regulator warns against two Unauthorized Crytpo Firm
MFSA said, “The MFSA wishes to alert the public, in Malta and abroad. That Crypto Foxtrades is NOT a Maltese registered Company NOR licensed or otherwise authorized by the MFSA to provide the service of exchange or other financial services. Which are required to be licensed or otherwise authorized under Maltese law.”
A similar statement for Coinmalex. But, Coinmalex and Crypto Foxtrades did not give any response to that comment.
Since 2018, MFSA has been closely policing allegedly Maltese crypto business. By issuing warnings at any time it spotted one claiming phony licensure. We got already one example in Month of February, with disclosure of Binance, one of the world’s largest exchanges, had never operated in Malta and was never regulated by MFSA.
Writer, researcher, and analyst on cryptocurrency and blockchain technology at L&P Digitech Pvt. Ltd. Also managing the content with SEO at this current company. Keen interest to know more about new technologies related to the crypto world and blockchain technology. Completed Masters in Computer Application (MCA) and holds Post Graduate Diploma in Instructional Designing with sound knowledge in Articulate3. Out of all, love to travel, listen to music, and to eat also.