Three online companies that claim to be operating in line with Maltese law are not registered with the financial regulator and are not authorised to operate in Malta, the MFSA has warned.
The regulator issued warnings about Legit Crypto Option or Citizen Crypto Mining FX (https://007cryptooption.com/index.html), Admiral Capital Trade (https://www.admiralcapitaltrade.com/) and Hillwood Limited (https://www.hwlimited.com/)
Legit Crypto Option or Citizen Crypto Mining FX claims to be ‘authorized and regulated by MFSA as a MiFID firm and holds a Category 3 Investment Services Licence”. This is not true and the company is likely to be a “scheme of dubious nature with a high risk of loss of money,” the MFSA warned.
Admiral Capital Trade claims to be a market maker for CFD and Spot FX Contracts and claims to be “Regulated under the strict standards of the MFSA in Malta”. This is not true.
Hillwood Limited presents itself as “a specialist asset manager” and an insurance company that is registered to the office address of a Maltese-registered company with a similar name. However, it is not licenced to operate in Malta and has no association with that Malta-registered firm, Hillwood Limited (C 74031).
The company’s website “appears to be a clone of the legitimate company and the public should therefore refrain from undertaking any business or transactions with the false entity,” the MFSA warned.
In a statement, the MFSA urged consumers to ensure that entities are licenced with the MFSA or another reputable financial services regulator before entering into any financial transactions with them.
“Investors should also be extra cautious when being approached with offers of financial services via unconventional channels such as telephone calls or social media,” it said.
A list of entities licensed by the MFSA can be viewed on the official website of the MFSA at https://www.mfsa.mt/financial-services-register/.
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