Gibraltar financial watchdog issues warnings for four crypto sites

The Gibraltar Financial Services Commission, or GFSC, on June 5th, issued four public warnings to cryptocurrency websites claiming to have a supposed license to work in the region.

The Gibraltar Financial Services Commission has warned the public against four crypto-related sites that claim to be regulated by the country https://t.co/Sdx89PUL7r

— Cointelegraph (@Cointelegraph) June 6, 2020

As per the authorities, www.findcurrency.org, www.askcurrency.org, www.arbitragecurrency.org, and www.etrustcoin.com have not been permitted by the GFSC. They do not have a pending application for authorization as well. 

The watchdog also notices that similar websites are showing the GFSC logo, which has been applied “without the consent of the GFSC.” There is no chance that the crypto sites included by the notification could not even be in the initial phase of the GFSC license award process. Such businesses need to show that they possess the financial, technological, and anti-money laundering control resources to prove their eligibility.

The GFSC has a dedicated portion on the watchdog’s official website which lets people check if companies they are involved in business activities with are actually regulated under Gibraltar law.

Without approval, the watchdog makes sure that the above-mentioned crypto sites are not displaying the GFSC’s logo on their website. According to them, apart from violating the guidelines, these companies are deceiving people by generating a fake impression that they are licensed in Gibraltar. Previously Gibraltar did issue a number of licenses to crypto-related sites, letting them function under the country’s legislation.