Malta warns about fraudulent exchange house
The Malta Financial Services Authority issued a warning about an alleged fraudulent cryptocurrency exchange that claims to have a license to operate in the country
According to the Malta Financial Services Authority (MFSA) there is a hypothetical illegal digital currency exchange house, which claims to have a license to operate in that country. Primetradingbot would be carrying out a dubious scheme and in turn attracting investors through its online presence.
The exchange entity maintains that it operates from an address in Malta but the MFSA does not believe that this is true. It is intended to prevent the public residing in Malta and abroad, that the alleged exchange house does not have a license or any type of authorization to develop the activities in the nation.
Primetradingbot seems to offer an investment program related to bitcoin. However, this system is of dubious nature and with a high risk of losing money.
According to the MaltaToday media, a fake Instagram account would be posing as the country’s Prime Minister, Joseph Muscat. A user known as Wang Wei would have been requesting to be contacted to make lucrative investments in bitcoin on behalf of the official.
Malta was interested in developing a favorable environment for cryptocurrencies and blockchain technology. This type of news hits the credibility of an emerging industry.
L.Sáenz
Source: Coincrispy
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