According to the report of local media outlets, Malta’s Financial Services Authority (MFSA) has cautioned against an online cryptocurrency trading platform called Primetradingbot.
The MFSA also noted that Primetradingbot is not licensed by the watchdog despite the fact that the firm claims to have the official registration. The regulatory body stated that although this entity purports to operate from an address in Malta, the MFSA does not believe this to be the case.
Primetradingbot is based on a high yield investment program using Bitcoin. Such investment programs are known for being mostly scams and to have very high risks for the investors that decide to give them a chance. Most of them have no assets and work like Ponzi schemes.
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