MFSA warns of unlicensed exchange entity

MilanoMFX is not authorised to provide any financial services in or from Malta

The Malta Financial Services Authority, MFSA, has issued a notice to inform the public that the company MilanoMFX is not authorised to provide any financial services in or from Malta even though MilanoMFX is a Maltese registered company.

The MFSA also said that the entity is not licensed nor registered under the Virtual Financial Assets Act – VFA Act.

In the notice issued, the authority explains that MilanoMFX presents itself as a leading FX platform and an ideal partner for the three fundamental figures operating in the online trading sector.

The MFSA said that the entity claims that through a partnership agreement with its investors, Milano MFX makes available to its partners a type of investment called PAW, offered by international traders with any profits and / or any already pre-established losses.

The entity further explains that “To actively participate in a PAW investment, you simply need to open a free account and purchase credits, which will be accounted for in your account in real time”.

The Malta Financial Services Authority has also informed consumers of financial services not to enter into any financial services transactions unless they have ascertained that the entity with whom the transaction is being made is authorised to provide such services by the MFSA or other reputable financial services regulator.

A list of entities licensed by the MFSA can be viewed on the official website of the Authority:  https://www.mfsa.mt/financial-services-register/.