BMA warns against unlicensed crypto trader

The Bermuda Monetary Authority has warned that false claims are being circulated that a crypto currency trading platform called Bitzelex is licensed by the authority. 

The BMA said: "The BMA is aware of an image purporting to be a licence being circulated, which appears to show that Bitzelex Global (Bermuda) Ltd (Bitzelex) has been issued a Class F Digital Asset Business licence by the Authority.

"The Authority wishes to advise the public that it has not issued any licence to Bitzelex; therefore, any image of a licence and any corresponding claims to be licensed by the Authority are fraudulent. The Authority maintains a list of all regulated entities, which can be found at www.bma.bm/regulated-entities."

This is not the first time it has been claimed that Bitzelex is a licensed and regulated platform. In 2022, regulators in the European domicile of Liechtenstein moved to deny the platform was licensed there. There have also been warnings not to confuse Bitzelex with Bittrex, which is one of the largest trading platforms in the world.  

The BMA added: "Conducting business with unregulated entities carries an increased risk for potential investors, especially when dealing with entities which make false representations in their promotional material. Anyone who conducts business with this entity does so at his or her own risk."

The Authority maintains a warning list to inform the public and maximise the deterrent effect. Bitzelex, has been added to the warning list of unauthorised firms and individuals, which can be found at www.bma.bm/warning-list.

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