The Malta Financial Services Authority (“MFSA” or the “Authority”) has been looking into certain matters related to the Company in relation to failings which resulted from the Authority’s supervisory engagement with the Company. The Authority has considered the goodwill demonstrated by the Company and agreed to settle all pending matters.

Address:

66A, The Strand
Sliema
SLM1022
Malta

Business Activity: VFA Service Provider

FINDINGS:

The MFSA’s investigation found failings in respect of Article 41 of the Virtual Financial Assets Act.

MEASURES

On 22 January 2024 the MFSA agreed to settle pending matters with the Company after demonstration of goodwill by the Company.

By means of a settlement agreement entered into between the Company and the MFSA, the latter imposed an administrative penalty amounting to three hundred and four thousand Euro (€304,000).

Additionally, the Company and the MFSA have also agreed on a number of measures, including the appointment of an independent third-party service provider, to inter alia, review the adequacy of the Company’s governance arrangements.

PUBLICATION

This notice is being published in terms of the Authority’s Settlement Policy.