In a recent press release issued by Malta Financial Services Authority (“MFSA”) warned against dealing with Emirate Coin scam that offers Bitcoin cryptocurrency investment plans with alleged weekly payouts of up to 25%.
Emirate Coin claims that it is an MFSA licensed investment and cryptocurrency exchange institution, which its not.
“The MFSA wishes to alert the public, in Malta and abroad, that Emirate Coin Tech is NOT a Maltese registered Company NOR licensed or otherwise authorized by the MFSA to provide any investment, crypto currency or other financial services which are required to be licensed or otherwise authorized under Maltese law. Furthermore, information available to the MFSA suggests that Emirate Coin is likely to be a scheme of dubious nature with a high risk of loss of money. The public should therefore refrain from undertaking any business or transactions with the above-mentioned entity.” the statement reads.
Cryptocurrencies remain soft targets for scam artists and hackers. And fortunately allot of the new cryptocurrency investors loses their funds everyday.
