Major European financial regulator, Luxembourg's Commission de Surveillance du Secteur Financier (CSSF), has spotted some other unregistered crypto company.

The business firm, Crypto Balderdash, operating under the url crypto-bull.io, claims to be based in Luxembourg while it does non accept permission to provide crypto services in the country, the CSSF announced on Jan. 31.

The warning observe reads:

"The CSSF informs the public that this entity has not been granted any authorisation to provide investment services or other financial services in or from Grand duchy of luxembourg."

The unregistered house wants to provide services to British, Castilian and Russian users

Co-ordinate to the website, Crypto Bull positions itself as a "reliable and technologically oriented" platform for cryptocurrency trading. Claiming to be located at 2, place de Paris, 2314 Luxembourg, Crypto Bull does non explicitly note whether the company is licensed or not.

The firm seems to be directing its services to users in the United Kingdom, Spain and Russia, according to the three relevant visitor telephone numbers on the website.

With its domain purportedly registered in Feb 2022, Crypto Balderdash has evidently had a chance to mislead some crypto users. In fact, some online reviews claim that the firm is not a legitimate investment platform just rather a crypto Ponzi scheme. Other reviews say that Crypto Bull has already come into the spotlight by government in Italian republic and Espana and was blacklisted equally a scam.

Grand duchy of luxembourg was the first European country to license a crypto exchange

Meanwhile, Grand duchy of luxembourg has been friendly to the crypto industry equally the country houses major global cryptocurrency exchanges like Bitstamp. The CSSF, which regulates Grand duchy of luxembourg-based crypto exchanges, reportedly issued Bitstamp the first crypto license in Europe dorsum in 2022.

As previously reported by Cointelegraph, the authorities of Luxembourg views cryptocurrencies equally "intangible avails" that are not subject to income tax until they are exchanged for fiat. Equally such, all crypto-related transactions were reportedly exempt from VAT within Luxembourg every bit of August 2022.

In line with supporting the evolution of the local crypto ecosystem, Grand duchy of luxembourg government have been actively monitoring the marketplace for potential scammers and fraudsters. In September 2022, the CSSF carmine-flagged the activities of a fraudulent clone website that is impersonating cryptocurrency payment services provider BitPay. Previously, the regulator issued a warning confronting Cryptominingoptionsignal, another crypto-related entity that claimed to be licensed in Luxembourg.