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The Gibraltar Treasurer warns of four crypto sites

June 7, 2020

On June 5, the Gibraltar Financial Services Commission (GFSC) issued four public warnings of cryptocurrency websites claiming to have an alleged license to operate in the area.

According to the authorities, the websites www.askcurrency.org, www.findcurrency.org, www.arbitragecurrency.org and www.etrustcoin.com have not been authorized by the GFSC and have no pending authorization application.

The Financial Guardian of Gibraltar tIt is also noted that the GFSC logo is displayed on such websites and is attached “without GFSC approval”.

The alleged cryptocurrency sites are also not at an “early stage” of regulation

The Gibraltar Treasurer warns of four crypto sitesThe Gibraltar Treasurer warns of four crypto sites

The cryptocurrency sites mentioned in the warnings could not even be in the early stages of the GFSC licensing processthese companies must prove They have the financial, technological and control resources against money laundering to demonstrate their justification.

The GFSC has one Special section on the Watchdog’s official website that can be used to check whether the companies with which they do business are actually subject to the Law of Gibraltar.

Without permission, The watchdog ensures that the GFSC logo is not displayed on their website on the crypto sites mentioned, point out that Not only do these companies violate regulations, they also mislead people by giving the false impression that they are licensed in Gibraltar.

Gibraltar and cryptocurrency companies

Before, Gibraltar granted cryptocurrency related websites a number of licenses that allow them to operate in accordance with the country’s legal requirements.

The crypto exchange Quedex secured a license from the GFSC in 2019. It was the first crypto-derivative license granted to a local exchange.

Cointelegraph also reported on this The GFSC will grant the Mexican crypto exchange Bitso another DLT license. According to reports The company was the first regulated exchange of its kind in Latin America.