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Dubai authority warns investors against MeleCoin

 

DUBAI – The Dubai Financial Services Authority (DFSA) has warned consumers against engaging with MeleCoin, saying that the company is not connected with the authority.

MeleCoin invites people to buy “virtual currency” and other cryptocurrency-related products and services. The DFSA has repeatedly warned UAE residents and investors of the risk associated with cryptocurrencies.

In its recent advisory, the DFSA said that MeleCoin has falsely claimed to be located in the Dubai International Financial Centre, and is using a name similar to Melicoin Investments Limited, a genuine company that doesn’t offer any of the services advertised by MeleCoin.

“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,” the DFSA said in its advisory on Monday. ICA/Expat Media

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