Malta Regulator MFSA Warns of Unlicensed Exchange UMarkets

The Malta Financial Services Authority (“MFSA”) has become aware of an entity operating under the name of UMarkets, which has an internet presence at https://www.umarkets.com/, the regulator said in a statement today.

The entity purports to be an Online Trading broker owned by Market Solutions Limited, which offers FX, commodities, CFDs and indices, according to the MFSA.

UMarkets also claims to have “substantial relationships in Europe and Asia with major banks, such as HSBC”.

“The MFSA wishes to alert the public, in Malta and abroad, that UMarkets is not a Maltese registered Company, nor licensed or otherwise authorised by the MFSA to provide the service of an Exchange or other financial services, which are required to be licensed or otherwise authorised under Maltese law,” the statement said.

It advises the public to refrain from undertaking any business or transactions with the above-mentioned entity.

The MFSA also makes reference to warnings that have been issued by a number of foreign regulatory authorities against UMarkets and Market Solutions Ltd, including Belgium, Spain and Australia.

Unconventional channels used to approach consumers

The regulator reminds consumers of financial services not to enter into any financial services transaction, 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.

Investors are advised to be extra cautious when being approached with offers of financial services via unconventional channels, such as telephone calls or social media.