The Malta Financial Services Authority said on Wednesday it has become aware of an entity operating under the name of Maxxoin Investment (Europe) Ltd (“Maxxion”) which has an internet presence here.

Although this entity purports to operate from an address in Malta, the MFSA believes this is not the case.

The entity claims that “Maxxoin is a platform where investors are offered an opportunity to gain up 108% ROI when they invest with crypto currencies while the company mines bitcoin using the sophisticated software. We offer deposits and withdrawals via cryptocurrencies, overcoming the biggest hurdle letting investors instantly transact funds. By using cyrptocurrencies instead of fiat, we provide investors instant deposits, lightning fast execution, variety of investment plans and best client support”.

Maxxion, the MFSA said, is falsely claiming to hold a Category 3 Investment Services licence issued by the MFSA.

The entity is using a falsely drawn MFSA licence document (see photo).

The MFSA said Maxxion is not a Maltese registered company nor licensed or otherwise authorised by the MFSA to provide any investment 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 that Maxxion 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 it.

The MFSA reminded consumers of financial services not to enter into any financial services transaction unless they have ascertained that the entity with which 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, it said.