Malta have issued a warning to citizens about an unlicensed cryptocurrency exchange called OriginalCrypto, which has now been ordered to stop operating as of December 5th.
The exchange was first noticed by officials in Italy, who were concerned that it may not have the required license to offer authorised investment services and activities.
The platform was owned by SolutionsCM Ltd, who were the recipients of a warning from Malta’s Financial Services Authority (MFSA).
The MFSA’s statement read: “The Commissione Nazionale per le Società e la Borsa (CONSOB) has ordered the following companies to cease infringement of article 18 of the Italian Legislative Decree No. 58/1998, consisting of the provision of unauthorised investment services and activities to the Italian public performed by SolutionsCM Ltd via the www.originalcrypto.com website.”
Malta, often dubbed the ‘blockchain island’, are setting the standard in terms of compliant blockchain practices. On Wednesday, they signed a joint declaration with six EU member states with the commitment to cooperate on blockchain projects.
Their positive outlook on blockchain and cryptocurrency has seen exchanges such as Binance and Huobi move business operations to the island. The decision to clamp down on unregistered exchanges like OriginalCrypto will undoubtedly be seen as a positive move in the crypto ecosystem.