Unlicensed entities and activity; be aware – MFSA

The Malta Financial Services Authority (MFSA) has issued two warnings regarding two unlicensed entities, and a notice regarding another entity conducting unlicensed activity.

Comino Crypto Fund LLC

Comino Crypto Fund LLC, having an online presence here, has been declared as unlicensed.

The MFSA outlined that it 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 the company “is likely to be a scheme of dubious nature with a high risk of loss of money”.

Tower of London Worldwide

Tower of London Worldwide, having an online presence here, has also been declared as unlicensed.

Tower of London Worldwide claims to be “a fully licensed and regulated financial advisory” operating in a number of jurisdictions, including Malta. However, the MFSA stated that it is not licensed or otherwise authorised by the MFSA to provide any financial services which are required to be licensed or otherwise authorised under Maltese law.

The MFSA also made reference to warnings that have been issued against the company by the UK Financial Conduct Authority and the Swiss Financial Market Supervisory Authority. The public should therefore refrain from undertaking any business or transactions with the above-mentioned entity.

Ivaja Ltd

Although Ivaja Ltd is a company registered with the Malta Business Registry, it is conducting unlicensed activity.

Ivaja Ltd is not licensed or otherwise authorised by the Malta Financial Services Authority to provide the services of a cryptocurrency and exchange platform or any other financial and virtual financial services which are required to be licensed or otherwise authorized under Maltese law.

It has a registered address at 8, Triq Sant’ Antnin, Birkirkara, BKR 4901 Malta.

The MFSA concluded its announcement by reminding consumers of financial services not to enter into any financial services transaction unless they know the company has been vetted by the MFSA or another reputable financial services regulator. A list of entities licensed by the MFSA can be viewed here.