Malta MFSA warns against offshore broker Tradezone247, unlicensed exchanges

Source: FNG Gerald Segal 2020-08-14

Malta’s financial regulator MFSA has issued its latest series of warnings against unlicensed brokers who are either targeting Maltese citizens, or falsely claiming to be based and licensed in the country.

One warning is regarding an offshore FX broker Tradezone247 at website tradezone247.com. Tradezone247 claims on its website that its parent company TZ247 Ltd. is regulated by the UK Financial Services Authority, giving a false license number. (We’d also note that the UK Financial Services Authority changed its name to the Financial Conduct Authority a few years ago). The company at one point on its website also claims that it holds an MFSA license, giving the same false number as its (supposed) UK license number. Tradezone247 also shows a map of Malta and a supposed location on its “Contact Us” page.

The MFSA said that it wishes to alert the public, in Malta and abroad, that Tradezone247 is not a Maltese registered company nor licensed or otherwise authorised by the MFSA to provide any investment services or other financial services which are required to be licensed or otherwise authorised under Maltese law.

The other MFSA warnings are for Winsie Global at website winsie.com, and Bitmarket, which has an internet presence at bitmarket.com, however the website is currently offline.

Regulation

Offshore Brokers

Malta MFSA warns against offshore broker Tradezone247, unlicensed exchanges

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