MFSA Issues Warning Against Unlicensed Entity FxCityIndex

The Malta Financial Services Authority (MFSA) announced recently it has become aware of an unlicensed entity operating under the name of FxCityIndex which has an internet presence at https://www.fxcityindex.com/.

According to the announcement, although tFxCityIndex purports to operate from an address in Malta, the MFSA believes that this is not the case. On its website, the entity claims to be "authorized and regulated by MFSA as a MiFID firm and holds a Category 3 Investment Services Licence".

The MFSA alerts the public that FxCityIndex is not a Maltese registered Company nor licensed or otherwise authorised by the MFSA to provide any forex trading services or other financial services in the country. Hence, the public should refrain from entering into any transactions or otherwise dealing with the above-mentioned company or individual on any matters falling within the parameters of the Investment Services Act, Chapter 370 of the Laws of Malta.

In August, Fazzaco reported that the MFSA issued a communication to regulated entities​, noting that their marketing campaigns related to financial products or services linked to rewards or giveaways must meet a series of requirements.