The Malta Financial Services Authority (“MFSA” or “the Authority”) has become aware of an entity by the name of MilanoMFX, which has an internet presence at https://www.milanomfx.com/.
As per their website “Milano MFX presents itself as a leading FX platform and an ideal partner for the three fundamental figures operating in the online trading sector”.
Additionally, the entity claims that “Through a partnership agreement with its investors, Milano MFX makes available to its partners a type of investment called PAW, offered by international traders with any profits and / or any already pre-established losses”. The Entity further explains that “To actively participate in a PAW investment, you simply need to open a free account and purchase credits, which will be accounted for in your account in real time”.
The Authority would like to inform the public that even though MilanoMFX is a Maltese registered company it is not authorised to provide any financial services in or from Malta. Additionally, the entity is not licensed nor registered under the Virtual Financial Assets Act (“VFA Act”).
The MFSA would like to remind consumers of financial services not to enter into any financial services transactions unless they have ascertained that the entity with whom the transaction is being made is authorised to provide such services by the MFSA or another reputable financial services regulator. A list of entities licensed by the MFSA can be viewed on the official website of the Authority at https://www.mfsa.mt/financial-services-register/.
If you are a victim of a scam or think you might be dealing with an unauthorised entity or any type of financial scam, first of all, stop all transactions with the company and contact the MFSA at https://www.mfsa.mt/about-us/contact/ as soon as a suspicion arises.