Malta’s Financial Regulator Warns The Public Against Emirate Coin Tech, a Suspected Ponzi Scheme


The Malta Financial Services Authority (MFSA) has warned the public a possible Ponzi like a crypto-based company which has been duping the public that it is registered to operate in Malta.

In a press statement released on July 23, the financial watchdog said that Emirate Coin Tech is not a Maltese registered company nor licensed or otherwise authorized by the MFSA to provide any investment, cryptocurrency or other financial services which are required to be licensed or otherwise authorized under Maltese law.

In addition, the financial regulator indicated that confidential information it holds suggests that Emirate Coin Tech is likely to be a scheme of dubious nature with a high risk of loss of money. The regulator urged the public to, therefore, to refrain from undertaking any business or transactions with the entity.

The statement said:

The MFSA wishes to alert the public, in Malta and abroad, that Emirate Coin Tech is NOT a Maltese registered Company NOR licenced or otherwise authorised by the MFSA to provide any investment, crypto currency or other financial services which are required to be licenced or otherwise authorised under Maltese law.”

The entity purports to be an MFSA licensed investment and crypto exchange institution with a physical presence at 1000 Mahler Building (floor 4), Gustav Mahlerlaan 1025, 1082, Amsterdam, The Netherlands.

In addition, the company claims to be a fast-growing investment and brokerage company, founded in 2013, to transform the way people invest. The company also states that it focuses on trading and mining cryptocurrencies on contract for investors, and ensuring the highest possible return on investment within the manageable risk. The company also states that it provides various crypto-based investment alternatives that can earn you weekly returns of up to 25% of your investment.

The MFSA also reminded the consumers of financial services not to get into any financial services transaction unless they have established that the entity with whom the transaction is being made is approved to offer such services by the regulator or another reputable financial services regulator in the world. Investors are also urged to be extra cautious when being approached with offers of financial services via unconventional channels such as telephone calls or social media. The regulator urged the public to visit its official website for a list of the entities licensed to offer various financial services in the country.

A Blockchain and Crypto Hub

For years, Malta has earned its name as one of the world’s blockchain and crypto-based businesses hub. The country has a relaxed regulatory regime that encourages blockchain innovations as per the Blockchain Island concept.

Some of the blockchain and crypto industry’s renowned companies have opened bases in the European country which comprises the crypto exchange giant Binance.

In the recent past, the financial regulator has enhanced its surveillance of the domestic market. Cointelegraph reports that in March this year, the regulator appointed a blockchain-based company to monitor crypto participants were complying with the set rules and guidelines.

Is Malta’s financial regulator setting the pace in exposing fraudulent entities in the market? Let us know in the comments section.

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