The local regulator has cautioned against a company, Spring-FX Pro, for falsely claiming to be regulated by the Malta Financial Services Authority (MFSA).

Spring-FX Pro claims to offer Secured Accounts, Trading Signals, Trade Assistant, Quick Payout and Forex/Crypto Currency News Updates on its website.

The MFSA “would like to inform the public in Malta and abroad, that Spring-FX-Pro is NOT a Maltese registered Company NOR licensed or otherwise authorised by the MFSA to provide any financial services or Fintech services which are required to be licensed or otherwise authorised under Maltese law.

Spring-FX-Pro “mentions that they are regulated by the Malta Financial Services Authority followed by a licence number.”

The regulator “would like to reiterate that this licence number is not linked to the entity in subject”.

It stressed to 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.

“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.”

A list of MFSA licensed entities is available and can be viewed here.