The financial regulator of Malta, on March 25, 2020, <a href="https://www.mfsa.mt/news-item/mfsa-warning-coinmalex-unlicensed-exchange/" target="_blank" rel="noopener">warned</a> two crypto-websites for falsely claiming to be authorized by the nation. The Malta Financial Services Authority (MFSA) as soon as it found out that neither Coinmalex nor Crypto Foxtraders is licensed or domiciled in Malta, it issued a warning against both the companies and alerted the people all over the world.
<h2>Coinmalex And Crypto Foxtrade Lies</h2>
A report suggests that on “about” page of Coinmalex a document is present which claims to be part of a real institution, ‘Malta Business Registry’. The letterhead of the document posted by Coinmalex features an icon of the British royal coat of arms. The report further states that Malta stopped using the British royal coat of arms’ icon after it got independence from Britishers in 1964.

However, the “about us” of the Crypto Foxtrades is more sincere, as it claims to be licensed by MFSA, a Category 3 Investment Service provider. Although it is a real category, MFSA clarified that it has not given any authorization to the company.
<h2>MFSA Warning For Both Companies</h2>
MFSA recently releases a statement to inform people and have mentioned, “The MFSA wishes to alert the public, in Malta and abroad, that Crypto Foxtrades is NOT a Maltese registered Company NOR licenced or otherwise authorised by the MFSA to provide the service of an exchange or other financial services which are required to be licenced or otherwise authorised under Maltese law”.

It releases a very much like statement for Coinmalex also.  However, neither Crypto Foxtrades nor Coinmalex has come out to answer the questions raised on them. 

According to a report, since the year 2018, MFSA is actively policing allegedly Maltese <a href="https://www.cryptoknowmics.com/news/cryptocurrency-regulations-and-its-impact-around-the-globe/">crypto businesses</a>. It does not take time in issuing a warning against any forge licensure. People started noticing its efforts in February 2020, when it revealed that MFSA never regulated Binance and it (Binance) was not being operated in Malta.

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MFSA Issues Warning Against Unauthorized Crypto Firms

The financial regulator of Malta, on March 25, 2020, warned two crypto-websites for falsely claiming to authorized by the nation.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

MFSA Issues Warning Against Unauthorized Crypto Firms

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