FSC Issues Warning Against 2 Cryptocurrency Platforms

The Financial Services Commission (FSC) has issued a public warning regarding two cryptocurrency platforms, LiveAndEarnMauritius and FincequitymarketTD. These platforms have been accused of misleading potential investors by claiming on their websites that they share addresses with licensed companies registered with the FSC, which regulates non-banking financial services in Mauritius.

The FSC has emphasized that it does not recognize these two platforms, as they are neither registered nor regulated by the commission.

As a result, the public and potential investors are advised to exercise extreme caution when considering any transactions involving these platforms.

They describe themselves as “a cutting-edge platform in cryptocurrency trading and passive income, as well as offering comprehensive financial advice and investment services tailored to individual needs.

” However, such claims should be viewed skeptically given the lack of regulatory oversight.

Mauritius is gaining attention in the cryptocurrency world, being the only African nation listed among the top 20 globally for Bitcoin transactions.

According to the latest Crypto Wealth Report published by Henley & Partners, the country is home to more than one million cryptocurrency millionaires.

The report highlights a significant increase in global cryptocurrency millionaires, which has risen to 172,300.

Notably, the number of Bitcoin millionaires alone surged by 111%, reaching 85,400. Furthermore, the top tier of crypto wealth has seen remarkable growth, with the number of hundred-millionaire cryptocurrency holders rising by 79% to a total of 325.

Additionally, the exclusive group of cryptocurrency billionaires has expanded by 27%, now totaling 28 individuals worldwide.

The overall market capitalization of cryptocurrency assets has reached USD 2.3 trillion, marking a substantial increase of 89% compared to the USD 1.2 trillion recorded in the first cryptocurrency report of 2023.

As the cryptocurrency landscape continues to evolve, the FSC urges investors to remain vigilant and well-informed, particularly when engaging with unregulated platforms.

Source: l’Express