Italy And Malta Issue Mutual Warning For Potential Unlicensed Crypto Exchange

The blockchain island of Malta reaches our Sunday crypto news for the warning the country issued about an unlicensed crypto exchange that operates on their domestic market. The regulators have already ordered the platform to stop operating.

The alleged unlicensed platform, OriginalCrypto, has initially caught the attention of Italian officials who were concerned that the exchange doesn’t have the required license to offer investment services and activities.

The owner of the platform, SolutionsCM Ltd., is under investigation from both countries sharing the warning coming from Italy:

 “The Commissione Nazionale per le Società e la Borsa (CONSOB) has ordered the following companies to cease infringement of art. 18 of the Italian Legislative Decree No. 58/1998, consisting of the provision of unauthorised investment services and activities to the Italian public performed by SolutionsCM Ltd.
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via the www.originalcrypto.com website.”

Malta is one of the most permissive jurisdictions when it comes to crypto and blockchain. Many regulatory bodies have gone hand in hand with the MFSA regulations along with other blockchain businesses including some popular names such as Binance and Huobi.
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The unlicensed platform has created a clever marketing approach according to the monitoring website ScamBitcoin, where they promote their services to consumers around the world easily. The exchange has already made some dubious claims about its setup and claims that the exchange is operated by a Bulgarian-based Bali Limited Ltd. parent company though evidence of these claims was nowhere to be found.

According to the monitoring website:

 “Furthermore, the alleged corporate address provided for Bali Limited Ltd does not appear to be a factual physical address and computes to a variance of their disclosed address.”