Malta and Italy Issue Warning Against Unlicensed Crypto Exchanges

Karan Balwani

December 7, 2018 12:25 pm

Crypto Scam

Malta and Italy Issue Warning Against Unlicensed Crypto Exchanges
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Malta, the world’s most crypto-friendly country recently issued a warning to its citizens regarded an unlicensed cryptocurrency exchange. The regulatory authority in Malta issued an order to this platform to immediately cease operations through a notice on 5th December 2018.

OriginalCrypto is the platform in question which first came to light through an investigation by Italian officials. They speculated that the platform did not have the needed licenses which were required to carry out authorized “investment services and activities.”

The platform OrginalCrypto is owned by SolutionsCM Ltd. It has come under the scrutiny of Malta as well as Italy. Malta’s Financial Services Authority (MFSA) share the following warning:

“The Commissione Nazionale per le Società la Borsa (CONSOB) has ordered the following companies to cease infringement of art. 18 of the Italian Legislative Decree No. 58/1990, consisting of the provision of unauthorized investment services and activities to the Italian public performed  by SolutionsCM Ltd. via the website.”

As part of the strategy to become the “Blockchain Island”, there have been multiple overhauls in the regulatory framework. This has been accompanied by MFSA-endorsed deals with various industry business that include major exchanges such as Huobi and Binance.

ScamBitcoin, the scam monitoring website wrote

“Portraying their platform as a cryptocurrency financial brokerage, has engineered a clever marketing approach to promote their illicit investment services to consumers across the world.”

OriginalCrypto made claims that it’s being operated by Bali Limited Ltd., a Bulgaria-based company.

However, ScamBitcoin warned 

“We could find no evidence to support that Bali Limited Ltd was an actual corporation. Furthermore, the alleged corporate address provided for Bali Limited Ltd does not appear to be a factual physical address and computes to a variance of their disclosed address.”

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