The Malta Financial Services Authority (“MFSA” or “the Authority”) has become aware of multiple entities using the same website format and operating under the name of MowDEX, Fegdex and Vucrex (“the Entities”) which have an internet presence at https://mowdex.com, www.fegdex.com and https://vucrex.com, respectively. The Entities falsely claim to be regulated entities licensed by the MFSA as VFA Agents in terms of the Virtual Financial Assets Act.
The MFSA wishes to alert the public that MowDEX, Fegdex and Vucrex are NEITHER Maltese registered Companies NOR licensed or otherwise authorised by the MFSA to provide any investment services or other financial services which are required to be licensed or otherwise authorised under Maltese law. The public should therefore refrain from entering into any transactions or otherwise dealing with the above-mentioned entities on any matters falling within the parameters of the Virtual Financial Assets Act, Chapter 590 of the Laws of Malta.
The MFSA would like to remind consumers of financial services not to enter into any financial services transaction unless they have ascertained that the entity with whom the transaction is being made is authorised to provide such services by the MFSA or another reputable financial services regulator. Investors should also be extra cautious when being approached with offers of financial services via unconventional channels such as telephone calls or social media.
A list of entities licensed by the MFSA can be viewed on the official website of the MFSA at https://www.mfsa.mt/financial-services-register/. For more information on financial scams please refer to the MFSA scam awareness document to keep yourself informed on red flags which help consumers of financial services to identify such financial scams.
If you are a victim of a scam or think you might be dealing with an unauthorised entity or any other type of financial scam, first of all stop all transactions with the company and contact the MFSA at https://www.mfsa.mt/about-us/contact/ as soon as a suspicion arises.
