The Malta Financial Services Authority (MFSA) has issued an official press release. In it, it warns against an entity called Emirate Coin Tech.
In the release, MFSA states that “this entity purports to be an MFSA licensed investment and crypto exchange institution.”
It adds that its physical presence is “1000 Mahler Building (floor 4), Gustav Mahlerlaan 1025, 1082, Amsterdam, The Netherlands.”
MFSA then quotes Emirate Coin Tech’s self-description. It is a “fast-growing investment and brokerage company, founded in 2013, to transform the way people invest.”
The company seemingly focuses on “trading and mining cryptocurrencies on contract for investors, and ensuring the highest possible return on investment within the manageable risk.”
Then the watchdog proceeded to state that Malta has never registered Emirate Coin Tech. Moreover, it does not have a license or any kind of authority for that matter to provide any investment, crypto or another type of financial services.
The watchdog is also advising to take note of the company’s nature. It emphasizes that “it is likely to be a scheme of dubious nature with a high risk of loss of money.” Therefore the investors should scrutinize the companies before proceeding. To check the list of entities that have the MFSA license. Follow the link to find out more: http://www.mfsa.mt/pages/licenceholders.aspx.
Previously, Altcoin Buzz reported that OneCoin, an alleged Ponzi scheme, denied any wrongdoing. On a different note, the FBI is seeking the victims of the audacious Ponzi company that everyone knows as “Bitconeeeeect.”
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