Malta Financial Watchdog Warns Against ‘Dubious’ Crypto Trading Platform

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

The platform in question, “Primetradingbot,” reportedly appears to be running a “high yield” Bitcoin (BTC)-related investment scheme, which the MSFA cautions has “a dubious nature with a high risk of loss of money”

The platform in question, “Primetradingbot,” reportedly appears to be running a “high yield” Bitcoin (BTC)-related investment scheme, which the MSFA cautions has “a dubious nature with a high risk of loss of money”.

The MSFA has warned that Primetradingbot is not, as it claims, licensed by the watchdog, stating that “although this entity purports to operate from an address in Malta, the MFSA does not believe this to be the case,” adding:

“The MFSA wishes to alert the public, in Malta and abroad, that Primetradingbot is not licenced or otherwise authorized by the MFSA to provide any investment or other financial services which are required to be licenced or otherwise authorised under Maltese law.”

Dubbed the “Blockchain Island,” Malta is widely recognized as having a proactive and transparent crypto regulatory climate, drawing multiple high-profile crypto firms in to relocate there.

A list of entities that are legitimately authorized by the watchdog is available from the MFSA and can be viewed on the official website of the MFSA here. The MFSA has cautioned the public not to engage in any business or transactions with the suspect firm.

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