FSC Mauritius Exposes Unregulated Cryptocurrency Firm on False License Claims

The Financial Services Commission (FSC) in Mauritius, the island-nation’s financial watchdog, today issued a warning stating that a company calling itself Jennocrypto is falsely claiming to hold an Investment Dealer (Discount Broker) licence.

Not only did the broker approach clients without having been authorized by the Mauritius ‎regulator, but it further falsely claims approval from the UK Financial Conduct Authority (FCA) and the Malta-Cyprus Securities and Exchange Commission.

A brief review of the Jennocrypto website reveals that the broker offers its clients several cryptocurrency products that entail investing in digital assets. It is not authorized to provide ‎‎such services in the country.‎ ‎

Due to the illegal nature of its conduct, the online trading firm has been ‎instructed by the FSC to cease and desist from engaging in ‎finance-oriented activities. Offering services in this manner is a violation of the Mauritian law.‎

The Mauritian regulator has experienced its share of unlicensed firms operating within its jurisdiction. As the financial world continues to adapt to the growing demand for Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, many institutions are making the necessary adjustments. The FSC is no exception, as the authority has already begun to monitor and assess crypto companies and their respective activity.

Mauritius was for a long time a preferred destination for those interested in operating an offshore brokerage due to the softer financial requirements, which make it a better option than many European jurisdictions.‎

‎The benefits list includes limited setup costs, low capital requirements of about €17,000, and ‎a favorable tax regime. But recently it has become increasingly difficult to apply for and obtain a Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term licence in Mauritius, to the point that most providers have changed their destination to Belize, despite the higher capital requirements and the more expensive fee structure.