Seychelles FSA Warns That BTCSquare Is Not Authorised as a Virtual Asset Service Provider

The Financial Services Authority (FSA) of Seychelles has issued a public warning regarding Inside Invest Inc, which operates the website https://www.btcsquare.net under the trading name BTCSquare.

The regulator clarified that although the company is incorporated under the International Business Companies Act, it does not hold, and has never held, authorisation under the Virtual Asset Service Providers Act, 2024. As a result, the FSA said the company is not licensed to provide virtual asset services in Seychelles.

The FSA also stated that it has received confirmation from the original owners of the BTCSquare project that the legitimate platform has ceased operations. According to the regulator, the original project owners have no affiliation, involvement, or association with any duplicated, cloned, or impersonating websites using similar branding, content, or representations.

In light of this, the authority urged the public to exercise caution when dealing with websites claiming a connection to the former BTCSquare project and reminded consumers to verify whether a virtual asset service provider is properly licensed in the jurisdiction where it claims to operate.

The FSA said it continues to monitor activity in this area and encouraged anyone who suspects unauthorised virtual asset operations to report them through the reporting mechanism available on the regulator's website.