The Malta Financial Services Authority (MFSA) has issued a warning against an entity by the name of Bitboosting, which claims to be a regulated “online trading platform for Forex, Cryptocurrencies, Commodity and Investment place”.

The entity, with an internet presence here, is not a Maltese registered company nor is it licensed or otherwise authorised by the regulator to provide any investment services, VFA services or financial services, which are “required to be licensed or otherwise authorised under Maltese law,” the MFSA wrote.

“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 reminded 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 regulator 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, the MFSA warned.

A list of entities licensed by the regulator can be viewed on the official website of the MFSA at here.