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Malta Finance Regulator Warns Against Crypto Margin Trading Site

Malta’s management has released a new warning about a cryptocurrency margin trading site.

StocksBTC claims on its website to be chronicled with the agency and to have a physical location in the country. That’s not straightforwardly, according to the Malta Financial Services Authority (MFSA), prompting it to distribution a warning Thursday to investors about the service.

In addition, the MFSA famous that StocksBTC “appears to be offering investment and/or other financial rituals to consumers.” As part of its warning, the regulator noted that Stocksbtc is not “certified or otherwise authorised by the MFSA to provide any type of financial services which are lacked to be licensed or otherwise authorised under Maltese law.”

The statement continued:

“The MFSA strongly encourages investors and consumers of financial services that prior to making any investment or entering into any monetary services transaction they should ascertain that the entity with whom the investment or bargain proceedings is being made is authorised to provide such services by the MFSA or another fiscal services regulatory authority as applicable.”

The MFSA has taken a largely vigilant approach to the cryptocurrency space to date, and today’s warning is the first correlated to cryptocurrency since it put out a general advisory on last July.

The warning crop up b grow just over two months after the MFSA released feedback for its new cryptocurrency rulebook, which was discharged at the end of January, as previously reported. Even still, crypto businesses are orbing the country for relocation – late last month, cryptocurrency exchange Binance augured that it would open an office in Malta.

Editor’s note: This article has been updated to cogitate about the new rulebook has been released. 

Malta flag image via Alexandros Michailidis / Shutterstock

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