Malta’s Financial Watchdog Warns On Crypto Trading Platform

Malta’s financial services authority (MFSA) has cautioned a ‘dubious’ online crypto trading platform which it says has falsely claimed to be permitted in the country.

The platform in question “Primetradingbot,” allegedly seems to be running a “high yield” bitcoin-related investment plan which the MSFA warns has “a dubious nature with a high risk of loss of money”.

MSFA has cautioned that primetradingbot is not what it appears, licensed by the watchdog, stating that “although this entity purports to operate from an address in Malta, the MFSA does not believe this to be the case,” including :

“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.”

A list of entities that are legally authorized by the watchdog is accessible from the MFSA and can be seen on the official website of the MFSA here. The MFSA has warned the public to not get involved with the suspected firm.

Named the ”blockchain island” Malta is widely known as having an effective and straightforward regulate climate embracing many high profile crypto firms in to relocate there.

Under Malta’s Virtual financial assets act, which was passed in July 2018, all practitioners including lawyers, accountants, and auditors who want to liaise between crypto vendors and the MFSA have been asked to undergo mandatory “continuous professional education” and take an exam to get a crypto agent certification. As recently reported, 39% of those writing the exam this fall got a pass even though examiners’ last-minute trials to ease the marking scheme.