Seychelles FSA Warns of Unauthorised Activity Involving Former Margex Entity
The Seychelles Financial Services Authority (FSA) has issued a public warning regarding unauthorised activity associated with the website https://margex.com/, which is allegedly operated by Margex Trading Solutions Ltd. The regulator clarified that while the company was once incorporated under the International Business Companies Act, it was never authorised to operate as a Virtual Asset Service Provider (VASP) under the Virtual Asset Service Providers Act, 2024.
According to the FSA, Margex Trading Solutions Ltd was struck off and dissolved on 18 December 2024, meaning it is no longer a legal entity registered or incorporated in Seychelles. Despite this, the website continues to promote services that may mislead users into believing it operates under Seychelles’ regulatory oversight.
The FSA reminded consumers and investors to verify the licensing and regulatory status of any VASP or virtual asset product before engaging with them. All authorised or licensed non-bank financial service providers, including VASPs and registered Initial Coin Offerings (ICOs) or Non-Fungible Tokens (NFTs), are publicly listed on the FSA’s official website.
The authority further urged the public to remain vigilant and report any suspected unauthorised or unlicensed activity involving virtual asset services.
In its statement, the FSA reaffirmed its commitment to maintaining the integrity of Seychelles’ financial sector and to closely monitoring activities related to virtual assets. The regulator warned that entities claiming Seychelles incorporation or authorisation without valid registration are in breach of local laws and pose serious risks to investors.
BrokersView Reminds You
Unregulated trading platforms pose significant risks to investors, especially those offering cryptocurrency-related services. Avoid dealing with Margex Trading, as it lacks any regulatory credentials.
It’s also worth noting that the Seychelles FSA, as an offshore regulator, offers relatively limited oversight compared to major financial jurisdictions.
If you suspect fraud, you can Submit a Complaint to BrokersView.
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