Malta’s financial regulator the MFSA has issued a pair of warnings regarding a pair of online trading websites which are showing fake MFSA licenses.

The MFSA stated that it has become aware of an entity operating under the name of JustCoin Trade Limited which has an internet presence at justcointrade.com. JustCoin Trade Limited claims to be the  “leading cryptocurrency exchange since day one of bitcoin distribution”. It also claims to hold an MFSA license number.

Similarly, the regulator noted that it has become aware of an entity operating under the name of Global Express Trading or GXTrading Ltd which has an internet presence at globalxpresstrading.com. Global Express Trading claims to be the “leading cryptocurrency exchange since day one of bitcoin distribution”. It also claims to hold an MFSA license number.

The MFSA stated that both websites are making unauthorised use and reference to a license number, registered address, and other company details of a Maltese licensed company.

The regulator noted that it wishes to alert the public, in Malta and abroad, that JustCoin Trade Limited and Global Express Trading are NOT a Maltese registered company NOR licensed or otherwise authorised by the MFSA to provide any forex trading service, VFA related service or other financial services which are required to be licensed or otherwise authorised under Maltese law. Furthermore, information available to the MFSA suggests that both JustCoin Trade Limited and Global Express Trading are likely to be a scheme of dubious nature with a high risk of loss of money. The public should therefore refrain from undertaking any business or transactions with the above-mentioned entities.

Interestingly, both websites (nearly identical except for the names) claim a number of other obviously fake information and licenses. They both list supposed licenses from the United States Financial Services Authority, which of course does not exist.