Financial services

MFSA warns against unlicensed entity claiming to be a licensed financial services provider

Photo: MFSA

The Malta Financial Services Authority has issued a warning after discovering that an entity named Cyberbyte Ltd advertises itself as the holder of a license issued by the authority to provide investment services.

But in reality, Cyberbyte Ltd/Cyberbyte “is NOT a Maltese registered company NOR authorized or otherwise authorized by the MFSA to provide investment services or other financial services which must be authorized or otherwise authorized by law Maltese”.

Therefore, he warned consumers not to enter into financial services transactions with the company.

The company has an internet presence at cyberbyte.live, describing itself as a “creative broker with a global stance” and even touting the alleged advantages of its Malta registration and the strength of MFSA oversight.

But those words, as MFSA makes clear, are only part of an elaborate ruse, presumably pursued for fraudulent purposes.

The authority reminded consumers not to enter into a financial services transaction unless they ensure that the entity involved is authorized by the MFSA or a reputable financial services regulator overseas. The list of MFSA approved entities is still publicly available and can be viewed on line.

The MFSA has advised victims of a scam – and people who believe they are dealing with an unauthorized entity – to first stop all dealings with the entity concerned, and contact them by his website as soon as a suspicion arises.

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