Malta Financial Services Authority Alerts About Two Bitcoin Exchanges Operating Without License

The Malta Financial Services Authority, which is the financial watchdog of Malta, has issued a notification on 25th March regarding two digital asset exchanges that do not possess licenses to operate, nor are they regulated in the nation.

In the statement, Malta Financial Services Authority mentioned about the exchanges – COINMALEX and Crypto Foxtrades. Both the companies asserted on their websites that they had the essential regulations and licenses to function.

Crypto Foxtrades commented that they had the “Category 3 Investment Services” work permit from the Maltese authorities to work.

In the public warning, the Malta Financial Services Authority explained the following about Crypto Foxtrades:

“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.”

Commenting on COINMALEX, the MFSA adds that the information they have about this digital currency exchange recommends that it is a scheme of suspicious nature and there might be a high danger of losing money in it.