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Malta Financial Services Authority issues warning against cryptocurrency startup Coinspace
The Malta Financial Services Authority (MFSA) last month issued a warning against digital currency exchange and cloud mining services company Coinspace.
The MFSA said that has become aware that the Malta registered company has an internet presence at http://coinspace.eu/ and is offering a range of services related to cryptocurrencies, exchange and cloud mining services. It cautioned the public saying:
“The MFSA wishes to alert the public that Coinspace LTD. is not licenced or otherwise authorised by the MFSA to provide any investment or other financial services in or from Malta, which are required to be licenced or authorised under Maltese law. The public should also be aware that any investment opportunities promoted by Coinspace Ltd. are likely to be of a risky nature with a high risk of loss of money.”
The MFSA further advised the public and consumers of financial services that prior to making any investment or entering into any financial services transaction they should ascertain that the entity with whom the investment or transaction is being made is authorised to provide such services by the MFSA or another financial services regulatory authority as applicable.
The Financial Services and Markets Authority (FSMA) has included the MFSA’s warning against Coinspace on its website.
Earlier in 2015, a reader wrote to CryptoCoinsNews about Coinspace’s pyramid scheme. The reader wrote:
“Basically they are building a pyramid scheme (sorry, I mean binary member system), where you can buy in and get some hashing power from their cloud mining service. Also they claim, that they will release a new cryptocurrency (S-Coin), which only they will be mining. More absurdly – when the coin comes out, they claim that it will have a value of 1€ and after some time even more. Also the rewards for members are extravagant (iPads, iPhones, Macbooks, BMWs, luxury trips), not to mention the money which they promise from the mining service”.
At the time of writing, the Coinspace website displays this message:
“Coinspace Ltd is not licensed or authorized to conduct investment service business by the Malta Financial Services Authority”