The Malta Financial Services Authority has warned that two entities with local presences – Cryptofrix and Tower of London Worldwide – are not licensed by the regulator and are not authorised to provide financial services.

The Authority reminded consumers not to enter into any financial services transaction unless they have confirmed that the entity they are dealing with is full-authorised to provide such services. 

Elaborating, they warned that Cryptofrix is not authorised “to provide the services of a cryptocurrency online wallet and exchange platform or any other financial services which are required to be licensed or otherwise authorised under Maltese law”.

In the meantime, while Tower of London Worldwide claims to offer financial advice and alleges that it is “a fully licensed and regulated financial advisory" operating in a number of jurisdictions, including Malta, this is not, indeed, the case.

The MFSA referred to other warnings which had been issued against Tower of London Worldwide 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,” the Authority said.

“Financial regulations oblige licensed businesses to comply with strict legal requirements in the interest of investors and the markets. The activities of unlicensed entities are unregulated, making transactions with such entities risky for consumers,” the Authority said in its statement.

For a full list of licensed entities, visit the MFSA’s official website.