MFSA Issues A Warning Against Binance

The Malta Financial Services Authority (MFSA) yesterday issued a Public Statement saying that Binance is not authorised by the MFSA to operate in the virtual assets sector in Malta back to 21 February 2020.

According to the regulator, following the issuance of various recent warnings by competent authorities of other jurisdictions, along with an increase in complaints relating to dealing with unlicensed entities, including Binance, the Authority wishes to reiterate that Binance is not licensed nor authorised by the MFSA to conduct any VFA related activities in or from Malta and therefore falls outside the MFSA’s regulatory oversight.

Wanna Know How to Reach Our Audience of Millions at Fazzaco?

In addition, the MFSA also reminds consumers to refer 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.

Binance continues to face tough times regarding regulatory affairs as more countries keep issuing alerts on their activities. This week, the Italian financial watchdog CONSOB issued a warning against the companies of Binance​, for delivering investment services and activities in the country without authorization.