MFSA Issues warning on unregistered operators

The Malta Financial Services Authority has issued a public alert on a  number of entities.

The MFSA said an entity operating under the name of Bitmarket - which has an internet presence at www.bitmarket.com, although the website is currently offline - is not a Maltese-registered company nor is it licensed or otherwise authorised by the MFSA to provide any financial services which are required to be licensed or otherwise authorised under Maltese law.

The same applies for an entity operating under the name of Winsie or Winsie Global, which has an internet presence at www.winsie.com. On such pages it is stated that “Winsie Global is a world-leading cryptocurrency exchange, providing advanced financial services to traders globally by using blockchain technology.”

Furthermore, information available to the MFSA, suggests that Bitmarket and Winsie are likely to be schemes of dubious nature with a high risk of loss of money.

The public should therefore refrain from undertaking any business or transactions with the above-mentioned entities.

The MFSA also issued an alert in the case of Tradezone247 which has an internet presence at https://tradezone247.com/index.php.

The MFSA wishes to alert the public, in Malta and abroad, that https://tradezone247.com/index.php is NOT a Maltese registered Company NOR licensed or otherwise authorised by the MFSA to provide any investment services or other financial services which are required to be licensed or otherwise authorised under Maltese law.

The MFSA would like to remind consumers of financial services not to enter into any financial services transaction unless they have ascertained that the entity with whom the transaction is being made is authorised to provide such services by the MFSA or another reputable financial services regulator.

Investors should also be extra cautious when being approached with offers of financial services via unconventional channels such as telephone calls or social media.

A list of entities licensed by the MFSA can be viewed on the official website of the MFSA at http://www.mfsa.com.mt/pages/licenceholders.aspx.

If one believes they are a victim of a scam or think they might be dealing with an unauthorised entity or any other type of financial scam, they should first of all stop all transactions with the company and contact the MFSA at https://www.mfsa.mt/about-us/contact/ as soon as a suspicion arises.