MFSA Warning: Two websites caught falsely claiming regulation in Malta

Two entities found operating under various names and which purport to be licensed by the MFSA

The Malta Financial Services Authority (MFSA), showing they are acutely surveying the forex brokerage scene issued an investor warning alert last weekend. They found two websites imitating well known legit brokers, and who also were falsely claiming to be regulated by the MFSA.

The official warning reads as follows:

The Malta Financial Services Authority (“MFSA”) refers to the Notice to the General Public published on 03.04.14 regarding online foreign exchange (forex or FX) brokers offering their services or otherwise seeking to attract business without being duly licensed or authorized.

The MFSA has become aware of two such entities operating under various names and which purport to be licensed by the MFSA:

i. FXDealer, FX Dealer, FX Direct Dealer or which is known to have an internet presence at; and

ii. Sky Forex or Sky Forex Europe which is known to have an internet presence at

The MFSA wishes to alert the public, in Malta and abroad, that the above mentioned entities are NOT companies registered in Malta NOR are they entities licensed by the MFSA to provide any type of financial service which requires authorization or a license in terms of law. Accordingly, the MFSA warns the public against entering into any transactions or otherwise dealing with these entities.

The MFSA would like to remind consumers of financial services not to enter into any financial services transaction unless they have ascertained that the person or entity with whom the transaction is being made is licensed or otherwise authorised by the MFSA or by another reputable financial services regulator to provide such services.

 A list of entities licensed and authorised by the MFSA is available from the Malta Financial Services Authority, and can be viewed on the MFSA website at

Malta is looking to establish itself as a regional FX hub similar to that of Cyprus. If they wish to lure some international business their direction they do have the built in advantages of being an EU member country, and a place where English is widely spoken, not to mention an alluring expat climate. However, Malta has the disadvantage of being a little isolated geographically from other strategic partner cities. Most important for now, the MFSA needs to foremost establish themselves as credible regulators within the retail and high performance FX industry with a business friendly environment.

You can download the official press release here.

For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.

Read Also: