Governing regulators in the blockchain market are continuously looking for unreliable exchanges, ensuring that they’re blacklisted for investors. These blacklisted exchanges often operate without regulation, meaning consumers can be scammed without any repercussions. The latest brand to receive a blacklisting is UMarkets, which has been banned by the Malta Financial Services Authority. Operated by Market Solutions Limited, UMarkets offers a magnitude of Commodities and Contracts-for-Difference. This extends towards Foreign Exchange products and Cryptocurrency Indices.
This exchange made falsified claims to users, hoping that it’d thrive them towards superior growth. These claims include being a partner with HSBC Bank in Asia and Europe. These remarks were proven falsified. The Malta Financial Services Authority has requested the public from engaging with UMarkets, with additional warnings being provided to governing associations in Australia and Belgium. This could potentially see the UMarkets brand be blacklisted worldwide.
The MFSA demanded that consumers review the financial service transactions of any exchange before registration. Throughout the reviewing process, guarantee that listed regulations are proven genuine. Governing entities like the Malta Financial Services Authority showcases their legalized and blacklisted exchanges through separate lists, which are available online for PDF Download. If the selected brokerage house or exchange doesn’t follow suit with your local authority, avoid that brand at all costs.
An official statement from the Malta Financial Services Authority was provided. It reads: “The MFSA wishes to alert the public, in Malta and abroad, that UMarkets is not a Maltese registered Company, nor licensed or otherwise authorized by the MFSA to provide the service of exchange or other financial services, which are required to be licensed or otherwise authorized under Maltese law.”