Malta financial regulator the Malta Financial Services Authority (MFSA) has issued a warning, stating that it has become aware of an entity operating under the name of Shtern Group which is known to have an internet presence at shterngroup.com.
Although this entity purports to operate from an address in Malta, the MFSA does not believe this to be the case. From information available to the MFSA, Shtern Group appears to be offering a range of trading services including forex, CFDs and binary options.
The MFSA wishes to alert the public, in Malta and abroad, that Shtern Group is NOT licensed or otherwise authorised by the MFSA to provide any investment or other financial services which are required to be licensed or otherwise authorised under Maltese law. Furthermore, information available to the MFSA suggests that Shtern Group 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 MFSA strongly advises investors 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.
A list of entities authorised by the MFSA is available from the MFSA and can be viewed on the official website of the MFSA.