MFSA issues warnings against three companies

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The Malta Financial Services Authority has issued warnings about three companies.

Two of the warnings deal with unlicensed entities.

“The MFSA has become aware of an entity operating under the name of Comino Crypto Fund LLC which has an internet presence at https://cominocryptofund.com/. The entity purports 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.'”

The MFSA said however, that Comino Crypto Fund LLC is not a Maltese registered Company nor licensed or otherwise authorised by the MFSA to provide any financial services which are 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 the above-mentioned entity.”

The second company is Tower of London Worldwide which has an internet presence at http://www.toweroflondon-worldwide.com/. “The entity purports 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.'” It also claims to be ‘a fully licensed and regulated financial advisory”‘ operating in a number of jurisdictions, including Malta.

The MFSA wishes to alert the public, in Malta and abroad, that Tower of London Worldwide is not licensed or otherwise authorised by the MFSA to provide any financial services which are required to be licensed or otherwise authorised under Maltese law. The MFSA also makes reference to warnings that have been issued against Tower of London Worldwide by the UK Financial Conduct Authority and the Swiss Financial Market Supervisory Authority. The public should therefore refrain from undertaking any business or transactions with the above-mentioned entity.

The authority reminded 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.

The third warning by the authority deals with unlicensed activity.

“The Malta Financial Services Authority has become aware of an entity operating under the name of Ivaja Ltd with a registered address at 8, Triq Sant’ Antnin, Birkirkara, BKR 4901 Malta. The Authority would like to inform the public in Malta and abroad, that although Ivaja Ltd is a company registered with the Malta Business Registry, it is not licensed or otherwise authorised by the Malta Financial Services Authority to provide the services of a cryptocurrency and exchange platform or any other financial and virtual financial services which are required to be licensed or otherwise authorized under Maltese law.”