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Malta has warned citizens of an unregulated cryptocurrency exchange serving its domestic market. The regulators ordered the platform to stop operating in a notice on December 5th.
The offensive platform, OriginalCrypto, was initially brought to the attention of the Italian officials concerned, as it may not have the necessary license to offer "authorized services and investment activities".
The owner of the platform, SolutionsCM Ltd., is now under review by both countries, with the Malta Financial Services Authority (MFSA) that shares the warning from Italy:
"The National Commission for Companies and the Stock Exchange (CONSOB) ordered the following companies to cease the violation of Article 18 of Legislative Decree No. 58/1998, consisting of the provision of services and investment activities not authorized to Italian public performance by SolutionsCM Ltd. via the www.originalcrypto.com website. "
As Cointelegraph often refers, Malta has sought to become one of the most permissive jurisdictions in the world for both cryptocurrencies and blockchain technology.
As part of its offer to turn into a so-called "Blockchain Island", various regulatory reviews have accompanied the agreements approved by MFSA with companies in the sector, including important exchanges such as Binance and Huobi.
OriginalCrypto remains away from those legitimate businesses, however, sources of warning about the probable "scam" scheme at the start of this year.
"By bringing their platform as a cryptocurrency financial brokerage, OriginalCrypto.com has designed a smart marketing approach to promote their illicit investment services to consumers around the world," wrote the ScamBitcoin monitoring site in February.
According to the site's investigations, OriginalCrypto had made questionable claims about its configuration, including the fact that it is managed by a parent company based in Bulgaria "Bali Limited Ltd."
"We found no evidence to support the fact that Bali Limited Ltd was a real company," he warned:
"In addition, the alleged company address provided for Bali Limited Ltd does not appear to be a real physical address and calculates a change in their disclosed address."
Last week, the US state of Ohio's decision to accept the cryptocurrency for tax payments has drawn the wrath of the mainstream press after it emerged that the officials involved were unaware of the scams that had struck previous attempts. like elsewhere.
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