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MFSA Warning - Fast FX Trading - Unlicensed Entity

5 Mar 2021 10:00 | Anonymous
The Malta Financial Services Authority (“MFSA” or “the Authority”) has become aware of an entity operating under the name of Fast FX Trading (“the Entity”) which has an internet presence at https://www.fastfxtradings.com/. According to this website, the entity states to be ‘’ A place for everyone who wants to simply buy and sell Bitcoins. Deposit funds using your Visa/MasterCard or bank transfer. Instant buy/sell of Bitcoins at fair price is guaranteed. Nothing extra. Join over 700,000 users from all over the world satisfied with our services.’’
The entity is making unauthorised use and reference to the licence number and other company details of an MFSA licensed company.
The MFSA wishes to alert the public, in Malta and abroad, that Fast FX Trading is NOT a Maltese registered Company NOR licensed or otherwise authorised by the MFSA to provide any forex trading services, VFA services or other financial services which are required to be licensed or otherwise authorised under Maltese law. Furthermore, information available to the MFSA suggests Fast FX Trading is likely to be a scheme of dubious nature with a high risk of loss of money. 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 authorised 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.
A list of entities licensed by the MFSA can be viewed on the official website of the MFSA.
If you are a victim of a scam or think you might be dealing with an unauthorised entity or any other type of financial scam, first stop all transactions with the company and contact the MFSA as soon as a suspicion arises.
               
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