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Emirate Coin Tech makes false claims about its legal status, says Maltaâs Financial Services Authority.
Maltaâs finance regulator has issued a public warning about a cryptocurrency company falsely claiming it is licensed to operate in the country.Â
âBuilt on the power of the Middle Eastâ
In a statement July 23, the Malta Financial Services Authority (MFSA) warned residents they should avoid Emirate Coin Tech, which offers cryptocurrency investment options with alleged weekly payouts of up to 25%.
âThe MFSA wishes to alert the public, in Malta and abroad, that Emirate Coin Tech is NOT a Maltese registered Company NOR licenced or otherwise authorised by the MFSA to provide any investment, crypto currency or other financial services which are required to be licenced or otherwise authorised under Maltese law,â the statement reads.
Emirate Coin Tech claims to offer various investment tools via a method reminiscent of a ponzi scheme.
The platformâs website contains dubious information written in curiously-worded English, its slogan stating it is âbuilt on the power of the Middle East.â
âGo straight away and make a deposit into the account information provided in the deposit section of your account,â part of the websiteâs instructions to new users states.
Blockchain island Malta
Malta is a well-known hub for cryptocurrency and blockchain businesses, having purposely created a relaxed regulatory framework which fosters innovation under the Blockchain Island concept.Â
Many of the industryâs best-known names have set up bases in the country, including exchange Binance.Â
The MFSA takes an active role in the domestic market, in March this year appointing a blockchain firm to monitor cryptocurrency participantsâ compliance with its rules.
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