The Malta Financial Services Authority has issued warnings about Comino Crypto Fund LLC, Tower of London Worldwide and Ivaja Ltd.
Comino Crypto Fund LLC
It said Comino Crypto Fund LLC, which has an internet presence here, purported to be a trading platform operating from an address in Malta “where investors can trade without any restrictions, as ordinary stock shares, ETFs and other financial instruments.” It also claims to be “regulated by the MFSA under the MiFID directive”.
Comino Crypto Fund LL, the MFSA said is not a Maltese registered company nor licensed or otherwise authorised by the MFSA to provide any financial services required to be licensed or otherwise authorised under Maltese law.
Furthermore, information available to the MFSA suggests that Comino Crypto Fund LLC 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.
Tower of London Worldwide
The MFSA also warned about Tower of London Worldwide, which has an internet presence here.
This purported to be a financial advisor offering “wealth management and preservation advice, financial planning strategies, consultations, portfolio management and bespoke tailored solutions, specific to each individual’s unique needs, shortfalls and portfolios".
Tower of London Worldwide also claimed to be “a fully licensed and regulated financial advisory" operating in a number of jurisdictions, including Malta.
The MFSA said Tower of London Worldwide is not licensed or otherwise authorised by the MFSA to provide any financial services required to be licensed or otherwise authorised under Maltese law.
It also referred to warnings that have been issued against Tower of London Worldwide by the UK Financial Conduct Authority and the Swiss Financial Market Supervisory Authority saying the public should refrain from undertaking any business or transactions with the entity.
The authority also warned about Ivaja Ltd, with a registered address at 8, Triq Sant’ Antnin, Birkirkara, BKR 4901 Malta.
It said that although Ivaja Ltd is a registered with the Malta Business Registry, it is not licensed or otherwise authorised by the authority to provide the services of a cryptocurrency and exchange platform or any other financial and virtual financial services required to be licensed or otherwise authorised under Maltese law.
Enter into financial service transactions only with authorised entities - MFSA
The MFSA reminded customers of financial services not to enter into any financial services transaction unless they have ascertained that the entity is authorised to provide such services by the MFSA or another reputable financial services regulator.
A list of MFSA licensed entities is available and can be viewed here.
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