The Malta Financial Services Authority on Friday warned against a number of fraudulent entities using the details of genuine licensed companies.
In a statement the MFSA said that various entities by the names of 6ixmarket, olivecryptotrades, upswingrevenue, nsbroker, nsfinancebroker and digitalnetworktrades were using the details of a genuine licensed company Alchemy Markets Ltd “in an effort to deceive the public”.
The authority said these entities are not Maltese registered companies and are not authorised to provide any financial services in or from Malta. They have no association with Alchemy Markets Ltd.
The entities’ websites appear to be clones, the MFSA added.
The authority also warned against an entity operating under the name of Live Scalping Markets.
Although this entity claims to be “an award winning forex and commodities broker regulated by several entities” including the MFSA, the authority said it believes that “this is not the case”.
It added the company is neither registered in Malta nor is it licensed to provide any investment or financial services.
In a further warning, the MFSA highlighted that an entity operating from support@okxtrading.fr which claims to operate on behalf of a genuine MFSA licensed company OkX Europe Markets Limited is not registered in Malta and not authorised to provide any financial services in Malta.
“Fraudsters are using the details of this genuine company in an effort to deceive the public,” the MFSA said.
The authority warned consumers of financial services not to enter into any financial services transaction unless they have ascertained that the entity with whom the transaction is being made is authorised to provide such services by the MFSA or another reputable financial services regulator.
“Investors should also be extra cautious when being approached with offers of financial services via unconventional channels such as telephone calls or social media,” the MFSA added.