Financial Authorities in Malta Warn About Dubious Platform
The crypto exchange platform mentioned is called Primetradingbot, which seems to be active via a BTC ploy and the authorities in Malta have been warning users about a very high probability of losing funds with this platform.
The MSFA has further stated that Primetradingbot is not officially authorized from them, even though their operations occur from a local address. The MSFA has made the announcement to inform the public, within the country and outside it, so that users don’t use the trading platform. Primetradingbot does not have any official licenses for online trading/investment in Malta or otherwise from the financial authorities. The platform is not authorized to handle any investment or give any related service; any such activity has to be authorized under the law.
MSFA has a number of other platforms that are officially authorized for use and can be accessed through their website. People were advised not to try any transaction on the suspect platform.
Malta has become extensively known for possessing a dedicated and transparent secured structure for cryptos, effectively attracting many major cryptocurrency firms to its location.
As per Malta’s VFA, put in place last July, practitioners who like lawyers or accountants are wishing to act as a liaison between vendors and the MFSA, are obligated to go through certain educational procedures, which involves taking a test of qualification. This fall, 39% of individuals who attended the exam received a passing score, although attempts were made to simplify the grading scheme.