MFSA warns of unlicensed entity claiming to be authorised financial services provider

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

But in reality, Cyberbyte Ltd/Cyberbyte “is NOT a Maltese registered Company NOR licensed or otherwise authorised by the MFSA to provide any investment services or other financial services which are required to be licensed or otherwise authorised under Maltese law.”

Consequently, it warned consumers not to enter into any financial services transactions with the company.

The company has an internet presence on cyberbyte.live, describing itself as a “creative broker with a worldwide stance” and even touting the purported benefits of its registration in Malta and the strength of the oversight provided by the MFSA.

But these words, as MFSA makes clear, are just part of an elaborate ruse, one presumably pursued for fraudulent purposes.

The authority reminded consumers not to enter into any financial service transaction unless they ascertain that the entity involved is authorised by the MFSA or a reputable financial services regulator overseas. The list of entities licensed by the MFSA is always publicly available, and may be viewed online.

The MFSA advised victims of a scam – and individuals who believe to be dealing with an unauthorised entity – to first stop all transactions with the entity concerned, and to contact it through its website as soon as a suspicion arises.