The Malta Financial Services Authority (MFSA) has issued a warning to investors, stating that Shtern Group is not authorized to provide services in Malta. Is Forex broker Shtern Group scam or reliable?
13 March, AtoZForex – The financial markets regulator of Malta, the Malta Financial Services Authority (MFSA), has issued a warning for investors’ community. The regulator has stated that it has become aware of an entity that operates under the name of Shtern Group.
Is Forex broker Shtern Group scam or reliable? MFSA warning
According to the regulatory filings, the firm is known to have an internet presence at shterngroup.com. On its website, the firm claims to have an office at the address in Malta. However, the MFSA does not believe that this is a genuine statement.
The Maltese regulator believes that Shtern group offers a range of trading services. This includes Forex, CFDs and binary options. The official statement from the MFSA reads:
“The MFSA wishes to alert the public, in Malta and abroad, that Shtern Group is NOT licenced or otherwise authorised by the MFSA to provide any investment or other financial services which are required to be licenced or otherwise authorised under Maltese law.
Furthermore, information available to the MFSA suggests that Shtern Group is likely to be a scheme 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 entity.”
MFSA Note to Investors
Following on this, the MFSA notes that it strongly advises investors and other Maltese residents that before making any investment or entering into any financial services transaction, they have to make sure that the entity is fully legal.
Almost each entity offering financial services in Malta has to be authorised to provide any services by the MFSA or another financial services regulatory authority in the country.
MSFA also reminds that investors can find the list of entities authorized by the regulator on the official website of the Malta Financial Services Authority. Likewise, investors can find the list of the recent warnings from MFSA here.
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