The Malta Financial Services Authority (MFSA) has issued a warning against a cryptocurrency investment firm claiming to be locally regulated by making reference to a licence number belonging to another firm.

“World Smart Investments claims to be a cryptocurrency investment company licensed by the MFSA, making unauthorised use and reference to company details of a Maltese-licensed company,” read the MFSA’s statement.

The national financial services warned that the entity was neither a locally-registered company nor was 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.

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 were also 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.

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