THE Financial Services Authority (FSA) of Seychelles has issued a firm public warning against Cryptimize, a cryptocurrency exchange platform operating through the website https://cryptimize.com, for falsely claiming to be a registered company based in Seychelles.
According to the FSA, Cryptimize has not applied for, nor obtained, the necessary authorisation required under the Virtual Asset Service Providers Act, 2024, which came into force this year to regulate all entities providing virtual asset exchange services in or from Seychelles. As such, the platform is operating illegally and without the necessary oversight and regulatory compliance.
“The public is hereby notified that the aforementioned company does not currently possess any authorisation for offering virtual asset exchange services, having failed to apply as required under the Act,” the FSA stated in its official release.
The 2024 Act mandates that any virtual asset service provider must undergo a comprehensive licensing process with the FSA. This includes demonstrating compliance with international regulatory standards such as anti-money laundering protocols, customer due diligence, and consumer protection practices. Cryptimize, the FSA confirmed, has not fulfilled any of these obligations.
Despite this, Cryptimize continues to market itself as “The Gold Standard in Cryptocurrency Trading”, claiming to have been established in 2018 and to be registered in Seychelles. It further asserts it has a global presence, with headquarters in Dubai and regional centres in Singapore and Europe, servicing over 6 million registered users and more than 500,000 active monthly users.
However, the FSA has categorically refuted these claims, stating that Cryptimize is not listed among registered or regulated virtual asset service providers in Seychelles and has made no attempt to comply with the country’s legal and regulatory framework.
The lack of engagement with the formal licensing process, coupled with misleading information on its website, raises serious concerns about the legitimacy of Cryptimize and its commitment to essential financial safeguards.
The FSA has therefore strongly advised the public and potential investors to exercise extreme caution when dealing with platforms like Cryptimize. Before engaging in any transactions involving virtual assets—particularly those requiring personal or financial information—individuals are urged to verify the regulatory status of the entity involved.
Only companies that have been vetted and officially licensed under the Virtual Asset Service Providers Act, 2024, are legally permitted to operate in Seychelles. A complete and up-to-date list of authorised virtual asset service providers is available on the FSA’s official website.
This warning forms part of the FSA’s ongoing commitment to protecting consumers and maintaining the integrity of Seychelles’ financial sector, especially as it navigates the fast-evolving digital asset landscape.
—Source: Today
