MFSA issues warning against unlicensed financial services entity claiming to be locally regulated

The Malta Financial Services Authority (MFSA) has issued a warning against an unlicensed financial services entity operating under the name Spurtrade Investment Limited, which is claiming to be regulated by local authorities.

“The entity claims to offer distinctive investment services in various jurisdictions including Malta, promising high-growth investment opportunities in Bitcoin markets.”

It also purports to be licensed and regulated by the MFSA, making unauthorised use and reference to company details of a Maltese-licensed company.

On the entity’s website about page, they claim to be a legally incorporated company in Malta which is opening more offices around the world. However, the entity can not be found in the Malta Business Registry.

Furthermore, it also claims to be licensed by the MFSA to provide payment services related to investments and money remittance, having uploaded what looks a real certificate. However, it is evidently a fake certificate, as the MFSA financial services registry does not have any entities with that name registered.

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.

The MFSA financial services registry can be found here.