MeleCoin cryptocurrency firm not registered, don't deal with it: Dubai authority
The company claims to be registered in the Dubai International Financial Centre.
The Dubai Financial Services Authority (DFSA) has alerted the financial services community and members of the public about MeleCoin, which falsely claims to be located in the Dubai International Financial Centre.
On its website, MeleCoin has invited people to purchase "virtual currency" or "tokens" online which may be used in a number of electronic platforms and offers other cryptocurrency related products and services.
DFSA said it uses the name MeleCoin which is similar to that of a genuine DIFC incorporated firm called Melicoin Investments Limited, a firm which does not offer any of the products or services advertised on the MeleCoin website.
The company claims to be located at 'Unit 505 - Floor 5 - Lepery House' in DIFC but this address is fictitious as there is no building called "Lepery House" in the DIFC.
"The DFSA informs you that MeleCoin is not and has never been licensed or authorised by the DFSA; and/or incorporated or registered by the DIFC Registrar of Companies," it said in an advisory on Monday.
The DFSA advised consumers to use caution if engaging with MeleCoin, and warns against sending money to MeleCoin.
In September 2017 the DFSA issued a general investor statement in relation to cryptocurrencies, highlighting risk associated with these products and noting that the DFSA does not regulate these types of product offerings. The DFSA's statement can be found here.
MBZUAI and Hyperloop will engage the best AI minds of both teams. READ MORE
Our action underscores Dubai's commitment to always meet its... READ MORE
The International Monetary Fund (IMF) projects a 4.9 per cent decline ... READ MORE
The developer has seen its share price fall by around 80 per cent, to ... READ MORE
In the first 30 days, they will be doing round-the-clock shifts to... READ MORE
Credit card debt continues to be the "most expensive" form of... READ MORE
Students are now considering careers around space sciences, thanks to ... READ MORE
This is to avoid crowds at centres as a precautionary measure against ... READ MORE