Offshore crypto broker Bitboosting gets Malta MFSA warning
The Malta Financial Services Authority (MFSA) has announced that it has become aware of an entity operating under the name of Bitboosting which has an internet presence at bitboosting.com. Bitboosting claims to be a regulated “Online trading platform for Forex, Cryptocurrencies, Commodity and Investment place”.
In its FAQ section, Bitboosting states that it is a registered company in th [ed: misspelling the word “the”] EU, regulated by the Malta Financial Services Authority (licence no. IS/75856).
The MFSA said that it wishes to alert the public, in Malta and abroad, that Bitboosting is NOT a Maltese registered Company NOR licensed or otherwise authorised by the MFSA to provide any investment services, VFA related services or other financial services which are required to be licensed or otherwise authorised under Maltese law.
Furthermore, information available to the MFSA suggests that Bitboosting is 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 entity.
The MFSA would like to remind 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 to provide such services by the MFSA or another reputable financial services regulator. Investors should also be extra cautious when being approached with offers of financial services via unconventional channels such as telephone calls or social media.
A list of entities licensed by the MFSA can be viewed on the official website of the MFSA.