ADGM FSRA Regulatory Alert Regarding MaskEx False Registration Claims

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Media Announcements REGULATORY ALERT: MaskEx

Regulatory Alert: MaskEx

ADGM FSRA: Today

The Financial Services Regulatory Authority (FSRA) **** of ADGM would like to alert the financial services community and members of the public about misleading claims made by an entity or purported entity named MaskEx on a website at URL: https://maskex.com.

MaskEx claim on its Website to offer Crypto Wallet and Trading platform services.

MaskEx falsely claims on its Website to be ‘ registered and operate in multiple jurisdictions, some examples include’ and displays a banner on the Website titled ‘ Abu Dhabi’ which states ‘ADGM Category 3C Money Services Business Licence’ and ‘Registered as ADGM’.

The FSRA is concerned that the claims made by MaskEx on its Website may mislead potential investors and the public into believing that MaskEx is licensed and authorised to operate and provide financial services in or from ADGM, when it is not.

The FSRA advises the public that MaskEx:

1. is not, and has never been, granted Financial Services Permission by the FSRA to carry on any Regulated Activity in or from ADGM; and
2. is not, and has never been, incorporated in ADGM or licensed to undertake any form of commercial activities in ADGM. Only firms authorised by the FSRA can undertake Regulated Activities in ADGM.  The FSRA advises the market and investors not to deal with any firm until they have verified that the firm is authentic and has been granted the appropriate Financial Services Permission by the FSRA to undertake Regulated Activities in or from the ADGM.

To determine if an entity has been granted a Financial Services Permission by the FSRA to carry on Regulated Activities in or from ADGM, you can search the FSRA’s Public Register .

Anyone with concerns about a website or a firm purporting to be incorporated or registered in ADGM should check the ADGM Registration Authority’s Public Register.

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