The Bermuda Monetary Authority issued a warning and added Bitzelex Global (Bermuda) Ltd to a listing of companies that are not incorporated in Bermuda and/or are not licensed to conduct any form of regulated financial services business in or from within Bermuda.

The public warning stated: “The Bermuda Monetary Authority is aware of an image purporting to be a licence being circulated, which appears to show that Bitzelex Global (Bermuda) Ltd has been issued a Class F Digital Asset Business licence by the authority.

“The authority wishes to advise the public that it has not issued any licence to Bitzelex; therefore, any image of a licence and any corresponding claims to be licensed by the authority are fraudulent.

“The authority maintains a list of all regulated entities, which can be found at www.bma.bm/regulated-entities.

“Conducting business with unregulated entities carries an increased risk for potential investors, especially when dealing with entities which make false representations in their promotional material. Anyone who conducts business with this entity does so at his or her own risk.

“The authority maintains a warning list to inform the public and maximise the deterrent effect.

“Bizelex has been added to the warning list of unauthorised firms and individuals, which can be found at www.bma.bm/warning-list.”

The statement said: “The public is invited to provide the BMA with any other relevant information on these entities or any other questionable entities claiming a Bermuda connection. Please call the Legal Services & Enforcement Department on (441) 295-5278, or send an e-mail to legal@bma.bm.”