With the blockchain use cases and cryptocurrency have received a wide recognition, the authority world-wide has become cautious to warn against all those that manipulate people through a variety of scheme.
Recently, a crypto-friendly destination, Malta through its MFSA – Malta’s Financial Services Authority has warned against an online crypto trading platform namely ‘Primetradingbot’ a dubious one. The MFSA further speaking to the matter saying that Primetradingbot is believed to have received the licenses falsely as per the news published by Malta Today on 25th October.
Primetradingbot is accused of running a ‘High Yield Bitcoin Related Investment Scheme’ against which MSFA alerted community users saying that it is a “dubious nature with a high risk of loss of money.”
Further speaking to the subject matter, MFSA said that Primetradingbot is claiming to operate its business from Malta however that is not the fact. The MFSA further added, “The MFSA wishes to alert the public, in Malta and abroad, that Primetradingbot is not licensed or otherwise authorized by the MFSA to provide any investment or other financial services which are required to be licensed or otherwise authorized under Maltese law.”
With the aim to raise concerns over the ethical issues and protect investors, MFSA having a list of all those companies that are actively engaged in the crypto space however following the nation’s regulations. Those that want to deal or execute a trade with any entity be it existing or newly set up, the list of entities are already available on MFSA official website so that no one can be a victim of losing money. Further, the MFSA warns all the community users not to engage with any business activities or transactions that are not available on the official website of MFSA.
Needless to say that Malta is well-renowned nation recognized as the ‘Blockchain Island’ by offering a fair and transparent crypto-based regulatory climate allowing numerous high profile crypto entities to relocate there from around the world.
Amid this, Malta’s Virtual Financial Assets Act (VFA) was approved and successfully passed in July 2018 through which all those community users like, accountants, auditors, lawyers that would like to execute any liaison work between crypto vendors and MFSA have to compulsorily follow certain Continuous Professional Education by passing an exam in order to be a qualified Agent on Crypto domain!!