Issue link: https://maltatoday.uberflip.com/i/1392839
15.7.2021 6 NEWS MFSA warning on Binance and other unlicensed VFA service providers ON 21 February 2020, the Malta Finan- cial Services Authority ('the MFSA' or 'the Authority') issued a Public State- ment in which it noted that Binance is not authorised by the MFSA to operate in the virtual assets sector in Malta. Following the issuance of various re- cent warnings by competent authorities of other jurisdictions, along with an in- crease in complaints relating to dealing with unlicensed entities, including Bi- nance, the Authority reiterated that Bi- nance is not licensed nor authorised by the MFSA to conduct any VFA related activities in or from Malta and there- fore falls outside the MFSA's regulatory oversight. e MFSA reminded consumers to re- fer to the Authority's Guidance Note to the Public Regarding Cryptocurrency Scams, which provides consumers with guidance on how to identify scams, and steps to take to avoid falling victim to them. Furthermore, consumers of financial services and persons transacting in the crypto sector were reminded to be wary of online adverts and on social media promising high returns on investments in cryptocurrency or cryptocurren- cy-related products. Consumers should not enter into any transactions unless they have ascer- tained 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. Regulated entities are subject to var- ious requirements which aim to offer higher levels of consumer protection to their clients. Any queries related to the above should be addressed to VFA@mfsa.mt. THE Malta Financial Services Au- thority ("MFSA" or "the Authori- ty") has become aware of an entity operating under the name of Rizzo Investment which has an internet presence at https://rizzoinvest- ment.com/ and at https://www. rizzoinvestmentltd.com/ however, the websites are currently offline. e websites are making use of the details of an MFSA licenced com- pany Rizzo, Farrugia & Co (Stock- brokers) Ltd. (C 13102). Fraudsters are using the details of this genuine company in an effort to deceive the public. e MFSA wishes to alert the public, in Malta and abroad, that Rizzo Investment is NOT a Mal- tese registered company NOR is it licensed or otherwise authorised to provide any investment services or any other financial services which are required to be licensed or oth- erwise authorised under Maltese law. Additionally, the Authority confirms that Rizzo Investment has NO association with the MFSA li- censed company Rizzo, Farrugia & Co (Stockbrokers) Ltd. (C 13102). e websites https://rizzoinvest- ment.com/ and https://www.riz- zoinvestmentltd.com/ therefore appear to be a clone of the legiti- mate entity and the public should therefore refrain from undertaking any business or transactions with the false entity. Furthermore, information avail- able to the MFSA suggests that https://rizzoinvestment.com/ and https://www.rizzoinvestmentltd. com/ are likely to be a scheme of dubious nature with a high risk of loss of money. e public should therefore refrain from undertaking any business or transactions with the above-mentioned entity. e MFSA would like to remind consumers of financial services not to enter into any financial services transaction unless they have ascer- tained 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. A list of entities licensed by the MFSA can be viewed on the official website of the Authority at https://www.mfsa. mt/financial-services-register/. For more information on clone companies please refer to the Scam Detection Guidelines issued by the MFSA at https://www.mfsa.mt/ consumers/scams-warnings/typi- cal-scams/. 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 of all stop all transactions with the company and contact the MFSA at https://www.mfsa.mt/about- us/contact/ as soon as a suspicion arises. THE Malta Financial Services Authority ("MFSA") has become aware of an entity operating under the name of Konano Wealth Ltd which has an internet presence at https://www.konano.com. e entity claims to be a regulated "Category 3 Investment Ser- vice Provider". Its website is making unauthorised use and refer- ence to the registered address and other company details of a Maltese licensed company. e MFSA wishes to alert the public, in Malta and abroad, that Konano Wealth Ltd is NOT a Maltese registered Company NOR licensed or otherwise au- thorised by the MFSA to provide any investment ser- vices or other financial services which are required to be licensed or otherwise authorised under Maltese law. Accordingly, the MFSA warns the public against entering into any transactions or otherwise dealing with the above-mentioned company on any matters falling within the parameters of the Investment Ser- vices Act, Chapter 370 of the Laws of Malta. e MFSA would like to remind consumers of fi- nancial services not to enter into any financial services transaction unless they have ascertained that the en- tity with whom the transaction is being made is au- thorised to provide such services by the MFSA or an- other 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 at https:// www.mfsa.mt/financial-services-register/. 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 of all stop all transactions with the company and contact the MFSA at https:// www.mfsa.mt/about-us/contact/ as soon as a suspi- cion arises. MFSA WARNING Rizzo Investment - Clone MFSA WARNING Konano Wealth Ltd - Unlicensed Entity