MFSA issues warning against unlicensed exchange claiming to be regulated by local authorities

The Malta Financial Services Authority (MFSA) has issued a warning against an unlicensed exchange, operating under the names of 86FXTRADE and/or P240 Ltd, which is claiming to be regulated by local authorities.

“The entity purports to be ‘authorised and regulated by MFSA as a MiFID firm and holds a Category 3 Investment Services License,’ making unauthorised use and reference to company details of a Maltese licensed company.”

The national financial watchdog cautioned that the entity is not a Malta registered company nor is it licensed or otherwise authorised by the MFSA to provide any investment services or other financial services which are required to be regulated under national law.

It said the public should refrain from entering into any transactions or dealings on matters that fall within legally defined investment services.

The MFSA reminded consumers of financial services not to enter into any financial services transaction unless they have ascertained that the entity with whom the transaction is being made is authorised to provide such services by the MFSA or another reputable financial services regulator.  

Investors are advised to be extra cautious when being approached with offers of financial services via unconventional channels such as telephone calls or social media.

A list of entities licensed by the MFSA can be viewed on the official website of the MFSA here.