The Malta Financial Services Authority said that Betal Trade FX is not a Maltese registered Company nor licensed or otherwise authorised by the MFSA.
In a statement, the authority said that Betal Trade FX claims to have “a category 3 licence by the Malta Financial Services Authority in terms of which it is authorised to provide investment services from Malta”.
MFSA declared that the public should therefore refrain from undertaking any business or transactions with the above-mentioned entity.
The authority in a statement appealed to 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.
MFSA warned investors to be extra cautious when being approached with offers of financial services via unconventional channels such as telephone calls or social media.