Malta and Italy Warn Against Unlicensed Cryptocurrency Exchange

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Malta, popularly a crypto friendly country has recently attempted to alert the citizens regarding a potentially unlicensed cryptocurrency exchange operating in its domestic market.

The concerning exchange platform is OriginalCrypto. Firstly, the exchange came into notice of Italian officials. Italian officials observed that it might not have the required license to provide authorized “investment services and activities.”

Now, the exchange named OriginalCrypto is under surveillance. Also, the Regulators have ordered the platform to stop operating. The notice from Italy, which is shared by Malta’s Financial Services Authority (MFSA) claims, “The Commissione Nazionale per le Società e la Borsa (CONSOB) has ordered the following companies to cease infringement of art. 18 of the Italian Legislative Decree No. 58/1998, consisting of the provision of unauthorized investment services and activities to the Italian public performed by SolutionsCM Ltd. via the website.”

Additionally, a monitoring site ScamBitcoin revealed about the unlicensed cryptocurrency exchange. It stated, “Portraying their platform as a cryptocurrency financial brokerage, has engineered a clever marketing approach to promote their illicit investment services to consumers across the world.”

The site adds that the exchange falsely claimed that it is being operated by a Bulgarian-based parent company “Bali Limited Ltd.” the site warns that they could not find any evidence to support the existence of Bali Limited Ltd.

The site says, “Furthermore, the alleged corporate address provided for Bali Limited Ltd does not appear to be a factual physical address and computes to a variance of their disclosed address.”

Malta has emerged to become a region having standards which are compliant for blockchain practices. The country is often titled as ‘blockchain island.’ Due to the welcoming nature of the country for crypto space, huge crypto exchange platforms such as Binance and Huobi have moved their business operations to Malta. Also, Malta has signed a joint declaration along with six EU member states with the commitment to cooperate on blockchain projects.


With that, the step towards restricting over unregistered exchanges like OriginalCrypto will surely consolidate the crypto ecosystem.

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on the world's leading digital currencies.

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