Financial services watchdog issues warning on cryptocurrency trading platform

The Malta Financial Services Authority has warned that an online trading platform claiming to operate from Malta is not licenced by it and operates a “dubious” scheme.

The entity flagged by the MFSA is called Primetradingbot and also has an internet presence. 

“Although this entity purports to operate from an address in Malta, the MFSA does not believe this to be the case… The MFSA wishes to alert the public, in Malta and abroad, that Primetradingbot is not licenced or otherwise authorised by the MFSA to provide any investment or other financial services which are required to be licenced or otherwise authorised under Maltese law,” the authority said.

It added that Primetradingbot appeared to be a high yield investment programme related to Bitcoin investment. The MFSA said it was likely the scheme was of “a dubious nature with a high risk of loss of money”.

The MFSA cautioned people not to undertake any business or transactions with the company.