Photo: Wikifx
Malta's financial watchdog, the Malta Financial Services Authority (MFSA), issued a warning against an online trading platform that was allegedly not licensed to operate in the country.
This fake broker named Betal Trade FX allegedly holds three types of licenses and its registration number belongs to a legal but unrelated Maltese licensed company. Type 2 and Type 3 licenses allow companies to provide Contracts for Difference (CFD) and spot foreign exchange contracts under the MiFID system.
The financial regulator wrote that, contrary to the statement on its website, Betaal Trade FX is not a Maltese entity, is not known by the MFSA, and is not authorized to provide any type of financial services in or from Malta, including the provision of investment services. In addition, it described the company as possibly a suspicious plan with a high risk of capital loss.
The watchdog also advises the public to be extra careful when any company that provides financial services "through unconventional channels such as telephone or social media."
MFSA pointed out that such fraudulent actions seem to be repeated on the Internet in the form of advertisements. To avoid detection, they will change their names.
After Brexit, Malta welcomes more British companies
The Malta Financial Services Authority has reformed its regulatory environment in the past two years. One of the changes to the category 2 investment service license applicant is the introduction of a higher capital requirement of 730,000 euros, compared with the previous rule of 125,000 euros, which is the same as the initial capital of the current category 3 license holders. The requirements are similar.
The stricter rules are due to the fact that the second type of company as the third type of investment company bears considerable risks, albeit in a short period of time, until these instruments are transferred to their respective counterparties.
Recently, Malta has become an attractive jurisdiction for British companies wishing to establish a foothold in the European Union. As the Brexit incident has caused major changes in the European regulatory environment, especially the restrictions on the entry of British companies into Europe, this trend is expected to be strengthened.
Reprinted from Wikifx, the copyright all reserved by the original author.
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