Crypto Exchange Is Banned By Maltese And Italian Authorities
The Malta Financial Services Authority warned citizens about the work of the unlicensed OriginalCrypto crypto exchange in the state and banned its activities, according to the press release.
Initially, the OriginalCrypto trading platform attracted the attention of the Italian authorities, which did not find the necessary license for activities related to investment and other financial services.
SolutionsCM, the owner of the platform, is now under the scrutiny of both countries. The financial regulator of Italy notified all interested parties about the law violation by the company and banned its activities along with the crypto exchange.
Malta has long been positioning itself as a state with a loyal attitude to the field of cryptocurrencies and blockchain. The country has even received the informal name "Blockchain Island" from the crypto industry supporters. Such major exchanges as Binance and Huobi opened their offices here.
The example of the OriginalCrypto platform shows that sometimes there are certain drawbacks in such an open policy. Moreover, some sources have already referred to the fraudulent actions of the exchange several times during 2018. For instance, the platform illegally offered its investment services worldwide as a crypto financial broker in February.
As previously reported, the Waves blockchain platform announced the launch of a crypto exchange called Tokenomica in Malta.