Bitsbase Invest Ltd (2021-12-10)

Summary

This is a public warning statement issued by the Jersey Financial Services Commission (JFSC) alerting the public that Bitsbase Invest Ltd is not authorised or registered to conduct financial service business in Jersey. The JFSC states that the entity has falsely claimed JFSC registration while carrying on, or holding out as carrying on, investment business and virtual currency exchange services.

• Unauthorised activity: Bitsbase Invest Ltd has never been registered with, nor applied for registration under, the Financial Services (Jersey) Law 1998 or the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008.
• Breach identified: Any investment business or virtual currency exchange services carried on by the entity breach Article 7 of the FS(J)L and Article 10 of the Supervisory Bodies Law.
• Fraud warning signs: The JFSC notes that the entity's documentation, website and email address display warning signs of being set up for fraudulent purposes.
• Public action requested: Anyone who has had dealings with the entity is asked to contact the JFSC's Enforcement team.

The statement is informational and warns the public rather than imposing ongoing compliance obligations on regulated entities. It does not name any category of regulated business as being subject to new requirements.