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.

Read this next

Digital Assets

DED Trends on Twitter After Memecoin Snapshot Announcement

Polkadot-backed community coin #DED, made it to the trending charts on X, demonstrating community’s engagement and interest behind the memecoin. 

Digital Assets

BlockDAG Presale Nears $10 Million Amid Toncoin’s Momentum, Green Bitcoin’s Presale, and the Rise of Other Top Cryptos

This article will examine three top trending topics: Toncoin’s potential, Green Bitcoin’s innovative presale, and BlockDAG’s sustainable mining approach. These cryptocurrencies take centre stage for their uniqueness and innovation.

Digital Assets

Coinbase scores minor victory vs SEC, but lawsuit to proceed

A federal judge in Manhattan, U.S. District Judge Katherine Polk Failla, ruled on Wednesday that the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Coinbase can largely proceed.

Web3

COTI Teams Up with Civic for Enhanced Digital Identity Control

СOTI and Civic are teaming up to enhance digital identity security in Web3, aiming to provide users with more control over their digital selves through innovative technology.

Digital Assets

BlockDAG Takes on Chainlink (LINK) Crypto, and RON With DeFi Card and 5000x Profit Potential

Explore BlockDAG’s innovative DeFi card, which transforms cryptocurrency into spendable cash, alongside Chainlink (LINK) crypto and Ronin’s advancements.

Digital Assets

Court finally decides on Sam Bankman-Fried sentence, experts predict 20 years

Sam Bankman-Fried, the former CEO of the now-defunct cryptocurrency exchange FTX, is set to face sentencing on Thursday in a pivotal moment that could see the entrepreneur beginning a lengthy period in federal prison.

Crypto Insider

DeFi Winter Thaws: A Look at the Emerging Landscape

The past year has seen a significant shift in the Decentralized Finance (DeFi) market, transitioning from a period of decline (“DeFi winter”) to a potential season of growth.

Digital Assets

KuCoin announces $10 million airdrop as users withdraw $1.2 billion

KuCoin – the fourth-largest crypto exchange in the world by trading volume – today announced plans to distribute $10 million worth of Bitcoin and its native KCS token via an airdrop event.

Reviews

Transform Your Financial Future with ARKMining’s Innovative Blockchain Solutions

Learn About Daily Passive Income Through Cryptocurrency with ARKMining: A Guide to Secure Practices.

<