Malta regulator exposes fraudulent platform Business investor Group

abdelaziz Fathi

The Malta Financial Services Authority is drawing the attention of local investors to a possible fraudulent scheme or financial scam operating under the brand name “Business investor Group.”

The MFSA said that this shady broker is operating without proper authorisation and is likely to be an international “get-rich-quick” scam. The watchdog added that contrary to claims on its websites, Business investor Group doesn’t represent a Maltese entity. Its domain https://businessinvestorgroup.com/ is also not known to the MFSA or authorised to provide any type of financial service in or from Malta, including the provision of investment services. Further, it described the firm behind them as likely a scheme of dubious nature with a high risk of loss of money.

“The MFSA wishes to alert the public that Business investor Group is NOT a Maltese registered Company NOR licensed or otherwise authorised by the MFSA to provide any financial services which are required to be licensed or otherwise authorised under Maltese law. Furthermore, information available to the MFSA suggests that Business Investor Group is likely to be a scheme of dubious nature with a high risk of loss of money. The public should therefore refrain from entering into any transactions or otherwise dealing with the above-mentioned entity,” the regulator states.

MFSA had a peak on its warning list

Malta’s financial regulator has recently issued warnings against many FX and crypto websites that falsely claimed to be licensed by the nation. Earlier this month, it called out the “Deriv Investment” and “Perfect Choice Trade” in twin warnings. Both entities had claimed to be licensed, registered or domiciled in Malta, all of which MFSA denied.

Following in the footsteps of several European regulators, the Malta Financial Services Authority has revamped its regulatory landscape over the last two years. The changes hit almost all investment services providers, including applicants for Category 2 or Category 3 licenses which allow firms to offer contracts for differences (CFDs) and spot forex contracts under the MiFID regime.

Furthermore, the Maltese financial watchdog emphasized that operating a crypto-related business in the country requires an MFSA license under the Virtual Financial Assets Act of 2018. As such, the MFSA reminded the public that due diligence is important.

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