The Malta Financial Services Authority (MFSA) issued an official warning about a cryptocurrency margin trading site operating under the name StocksBTC.
StocksBTC claims on its website to be located in Malta and to be registered with the agency.
However, according to MFSA this company is neither registered in Malta nor licensed or otherwise authorised by the Malta Financial Services Authority to provide any type of financial services.
"The MFSA wishes to alert the public, in Malta and abroad, that “Stocksbtc” is NOT a company registered in Malta NOR is it an entity licenced or otherwise authorised by the MFSA to provide any type of financial services which are required to be licenced or otherwise authorised under Maltese law. The MFSA strongly advises investors and consumers of financial services that prior to making any investment or entering into any financial services transaction they should ascertain that the entity with whom the investment or transaction is being made is authorised to provide such services by the MFSA or another financial services regulatory authority as applicable," the official warning reads.
By Jade Olafson