Skip to main content
110% Deposit Bonus from mBit

MFSA Hunting Down COINMALEX, Crypto Foxtrades

The MFSA exposes Coinmalex and Crypto Foxtrades in false claims of possessing license for operating in Malta.

The chief financial regulator of Malta “The Malta Financial Services Authority” (MFSA) has stated the names of crypto companies claiming to be operating under the Maltese law with holding a license. The MFSA is issuing a warning directly towards investors to be aware of potential false claims when it comes to any involvement with crypto companies.

Two companies that have been falsely claiming to be licensed and operating in Malta are the crypto platforms “COINMALEX” and “Crypto Foxtrades”.

Their websites and marketing materials claim such conditions for operating. Crypto Foxtrades claims on its website to be “licensed and regulated as a Category 3 Investment Services provider by the Malta Financial Services Authority” alongside a document that appears to be from the Malta Business Registry while its authenticity is still questionable. This category is real but the MFSA claimed that the platform is not licensed under such category.

COINMALEX seems to have the exact same document on their website, as well.

The regulator has been operating since 2018 in taking out crypto scams and frauds. They issued a statement to both platforms that states the following:

“The MFSA wishes to alert the public, in Malta and abroad, that Crypto Foxtrades is NOT a Maltese registered Company NOR licenced or otherwise authorised by the MFSA to provide the service of an exchange or other financial services which are required to be licenced or otherwise authorised under Maltese law.”

There is still no commentary on the case by both companies.

Until October 2019 these applicants were operating under transitory provisions set in the Virtual Financial Assets Act which holds rules for crypto companies. Those who want to continue providing their services can apply with the MFSA.

At BestBitcoinCasino.com, we believe that regulation is an utmost importance and we are pleased that financial authorities in Malta take the needed steps in order to assure safe environment for the crypto community.

As recently some countries widely opened doors to cryptocurrency and with the latter becoming massively used in sports betting and online casinos, licenses such as the Maltese one are necessary in order to provide transparency and credibility to the iGaming business.

Are you familiar with COINMALEX and Crypto Foxtrades. Follow BestBitcoinCasino.com on Twitter for the latest news and developments in crypto and blockchain gaming.

RELATED ARTICLE

If you’re interested in getting an updated 2020 list of all Bitcoin casino reviews for this market, check out the casino review section.

1xBit Live Gaming Cup Play with Cryptos

LATEST CASINO NEWS & INTERVIEWS


News

4 Tips When Choosing Which Games to Play in Bitcoin Casinos

September 26, 2020

Can't decide what to play? Here are 4 useful tips to help you choose the best casino games to play in your chosen fiat and Bitcoin casino online.

NBA Conference Finals: Game 5 Odds at Bitcoin Sportsbooks

September 25, 2020

Place your futures bets at top Bitcoin sports betting sites now for the upcoming matches on the NBA conference finals Game 5 this week.

LOOK: Oktoberfest 2020 Promos You Shouldn’t Miss

September 24, 2020

Oktoberfest 2020 may have been cancelled, but this doesn't mean you can’t celebrate it in your own home. Leave it to Stake.com and Miami Club Casino.

Interviews

Interview with Eman Pulis, Founder of SiGMA

July 14, 2020

We had the opportunity to talk to Eman Pulis, founder of SiGMA, a highly-successful iGaming expo and conference home to 14000 attendees and 500 exhibitors.

Interview with Gregor Rozic, Sales Manager at GameART

July 7, 2020

We’ve had the opportunity to talk to GameART Sales Manager Gregor Rozic, who has 10 years of experience in online gaming on casino and poker content.

Interview with Magnus Leppäniemi, VP of Marketing & Head of Esports at Esports Entertainment Group

June 30, 2020

We had the opportunity to talk to Magnus Leppäniemi, VP of Marketing & Head of Esports at Esports Entertainment Group and member of Vie.gg Advisory board.

CHOOSE CASINOS NOW
Your Message
LEAVE A MESSAGE
RESET PASSWORD

Please enter your email address:

LOGIN TO BBC
No account yet? Register here
Forgot Password? Click here
JOIN US NOW
Already have an account? Login
Forgot Password? Click here