Malta Financial Authority issues warning against Foxtrade and CoinMalex

The Malta Financial Services Authority “MFSA”  has become aware of an entity operating under the name of Crypto Foxtrades which has an internet presence at http://www.cryptofoxtrades.com/. The entity claims to be “a licensed and regulated trading platform that serves over 500,000 customers globally”. Crypto Foxtrades also purports to be “licensed and regulated as a Category 3 Investment Services provider by the Malta Financial Services Authority”. The MFSA released the same warning for CoinMalex a day earlier. 

The MFSA wishes to alert the public, in Malta and abroad, that Crypto Foxtrades is NOT a Maltese registered Company NOR licensed or otherwise authorized by the MFSA to provide the service of an exchange or other financial services which are required to be licensed or otherwise authorized under Maltese law. 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 authorized 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.