MFSA Issues Warnings Against Unauthorized Crypto Firms


Malta Financial Services Authority (MFSA) has issued a warning against three companies promoting crypto services. Two of the warnings are against unlicensed companies.

16 July, 2020 | AtoZ Markets – Malta regulator, MFSA is responsible for overseeing the investment sector of the Mediterranean islands. The MFSA is under the Virtual Financial Services (VFSA) Act and regulates crypto exchanges, initial coin offerings and wallet providers on the island. Since 2018, the MFSA has cracked down on several crypto companies in Malta and has issued warnings wherever it finds companies claiming fake licenses.

MFSA Warnings Against Crypto Maltese Firm 

Malta wachdog, MFSA has issued a warning for Comino Crypto Fund LLC, Tower of London Worldwide and Ivaja Ltd. “The MFSA wishes to alert the public, in Malta and abroad, that those companies are NOT a Maltese registered Company NOR licenced or otherwise authorized by the MFSA to provide the service of an exchange or other financial services which are required to be licenced or otherwise authorized under Maltese law,” MFSA said.

Comino Crypto Fund LLC

The company claims to be a trading platform operating from Maltese address, and investors can trade common stocks, ETFs and other financial instruments without restrictions. The regulator said, “Information available to the MFSA suggests that Comino Crypto Fund LLC 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 entity.”

Tower of London Worldwide

The company claims to be a financial advisor. It also provides “wealth management and advice, financial planning strategies, consultation, portfolio management, and personalized solutions”. UK FCA and FINMA have also issued a warning against the Tower of London Worldwide.

Ivaja Ltd

MFSA warned that Ivaja Ltd is a company registered in the Malta Business Registry. But It has not been licensed to provide cryptocurrency services. The regulator also said, ” it is required to be licensed or otherwise authorized under Maltese law to provide the services of a cryptocurrency and exchange platform or any other financial and virtual financial services.”

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