Regulator warns against unlicensed entity using ‘falsely drawn’ MFSA licence

The Malta Financial Services Authority (MFSA) has issued a warning against an unlicensed entity purporting to be regulated by the authority.

Venotrade Investment (Europe) Ltd, claiming to “have built the world's leading platform for digital currency integration for investment and trading” is using a falsely drawn MFSA licence document, purporting to be a Category 3 Investment Services Licence Holder, the authority warned.

It alerted the public, both in Malta and abroad, that the entity is not a Maltese registered company nor is it licensed or otherwise by the MFSA to provide the service of an exchange or other financial services which are required to be licensed under Maltese law.

Furthermore, information available to the MFSA suggests that Venotrade is likely to be” a scheme of dubious nature with a high risk of loss of money”.

Therefore, the public should refrain from undertaking any business or transactions with the above-mentioned entity, the authority cautioned.

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 service regulator.

It said investors should also 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.

If you are a victim of a scam or think you might be dealing with an unauthorised entity or any other type of financial scam, first of all, stop all transactions with the company and contact the MFSA here as soon as suspicion arises.