MFSA issues warning about four unlicensed investment entities

The Malta Financial Services Authority on Monday issued a warning about four entities claiming they offer licensed financial services.

People who fall victim to a scam or believe they are dealing with an unauthorised entity can contact MFSA.

Libra

The authority said it has become aware of an entity operating under the name Libra which has various Facebook pages and has been running sponsored videos promoting an AI Trading Tool.

It warned that while videos and images may seem legitimate, entities make use of AI technology to manipulate visuals so consumers should conduct research before engaging in any transactions of financial services.

It added that Libra was not licenced or authorised by the MFSA to provide any financial services under Maltese law.

According to information available to the MFSA, Libra “is likely to be a scheme of dubious nature with a high risk of loss of money”. It therefore urged people to refrain from undertaking any business or transactions with the entity.

ZBXChange

The MFSA also warned about ZBXChange which has an internet presence at https://zbxchange.link and https://zbxchange.com/

These websites list the details of an MFSA-licensed company called Zillion Bits Ltd to deceive the public, MFSA said in a statement. These two websites appear to be clones of the website of the legitimate entity and the public should therefore refrain from entering into any transactions with them.

They are also not Maltese-registered companies and are not authorised to provide any financial services in or from Malta.

Investoscope or Investoscope Mining

The MFSA said it has also become aware of an entity operating under the name of Investoscope or Investoscope Mining which has an internet presence at https://www.investoscope.io

The entity purports to be “a Maltesedirected investment services supplier” that is “authorised and regulated by the MFSA”.

Investoscope or Investoscope Mining is neither a Maltese-registered company nor licensed by the authority.

Expert Advance Trade Ltd

Lastly, the MFSA warned about Expert Advance Trade Ltd which has a website with the following URL: https://www.expertadvancetrade.com

The entity makes unauthorised reference to company details of a Maltese-licensed company, adding that it holds “a category three investment services Licence no. IS/56519 issued by the MFSA”.

The entity is however not a Malteseregistered company and is not licensed to provide any investment or financial services under Maltese law.