The Malta Financial Services Authority (MFSA) wants people to know two crypto exchanges are lying to them. It is worth mentioning that MFSA is closely monitoring the situation since 2018. Moreover, authorities in Malta identified two crypto exchanges COINMALEX and Crypto Foxtrades.
According to MFSA, both crypto exchanges falsely claimed to be licensed, registered or domiciled in Malta. However, this information is incorrect. On Wednesday, the Malta Financial Services Authority issued twin warnings regarding this topic.
Based on the statement released by the agency, Crypto Foxtrades is not a Maltese registered company. Moreover, it does not have a license issued by the country’s authorities. The MFSA released a similar statement regarding the COINMALEX.
Crypto scam and Facebook
Unfortunately, there is no shortage of crypto scams and people should be careful when it comes to investing in various companies. Last month, billionaire Wissam Al Mana from Qatar filed a lawsuit against the social media giant Facebook.
Wissam Al Mana filed a lawsuit against Facebook Ireland Ltd as well as the parties behind the ads. According to the lawsuit, a scam used his image to promote itself in the Middle East, without obtaining permission from Al Mana.
The social media giant deleted the ads, but Al Mana thinks that offenders can publish similar ads containing his image in the future.
Moreover, Al Mana wants to know who is behind this crypto scam. His lawyers asked the court in Dublin to oblige Facebook to reveal the details regarding the publishers.
A billionaire from Qatar wants to obtain information about the fraudsters’ names, addresses. Moreover, he would like to know their contact details, payment methods, and billing addresses.
In 2019, a Dutch judge ordered Facebook to pay $10,890 each time, a new fake Bitcoin ad featuring John De Mol appeared. This example once more underlines that the crypto scam is a serious problem for the social media giant as well as the crypto community.
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