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.

Related

Residential property sales remain level in May 2024

June 13, 2024
by BN Writer

St Paul's Bay, Mosta and Mellieħa accounted for over 15% of all transactions during the period

Keep an eye out: ITS warns against Skills Pass scams

June 13, 2024
by Anthea Cachia

All official communications about the programme are only disseminated through the Institute of Tourism Studies

‘Nothing can be taken for granted anymore’: Malta Chamber speaks out after stunning MEP election results

June 13, 2024
by Robert Fenech

‘Government needs to take the unpopular yet required decisions quickly, and implement them without any further procrastination’