Criminals are fraudulently claiming to be operating a local company, Stillman Crypto Brazil, and claiming to be involved in sophisticated trading technology, the Bermuda Monetary Authority has warned.

The financial services regulator said that while it had been made aware of the website https://www.stillmancriptobrazil.com/ containing fraudulent information for Stillman Crypto Brazil, there was no company by that name formed in Bermuda.

The BMA has raised concern that the website is purporting to be an entity conducting a similar business to that of Stillman Digital, a regulated Bermuda company that is a global technology and digital asset liquidity provider, with headquarters also in the United States and Canada.

The authority has issued a public warning about the fraudulent website, Stillman Crypto Brazil, which has erroneously claimed that it has headquarters in Bermuda.

The BMA added: “However, there is no company by that name formed in Bermuda. Any company conducting the activities as described on the website in Bermuda would be required to obtain an appropriate licence from the authority, which Stillman Crypto Brazil has not done.

“The authority notes that the fraudulent website mirrors many of the details of the regulated entity Stillman Digital Bermuda Ltd, which can be found at www.stillmandigital.com.

“The authority reminds the public to be wary of dealing with unregulated entities, especially those with websites that appear to copy regulated entities, where the intent is often to mislead potential investors.”

Stillman Digital is a rapidly growing over-the-counter desk and liquidity provider, offering limitless liquidity solutions and industry-leading trade execution, settlement and technology services.

This summer, DeFi Technologies Inc, a financial technology company that pioneers the convergence of traditional capital markets with the world of decentralised finance, announced a binding letter of intent to acquire Stillman Digital.

Since its inception in 2021, Stillman Digital has facilitated more than $15 billion in trade volume, with $4 billion of that occurring in Q1 2024 alone.

DeFi said Stillman had become the leader in OTC on/off ramp tradeflow, boasting a market share that placed it at the forefront of America's OTC on/off ramp market.

DeFi said Stillman had established itself with three blue-chip regulatory licences and registrations.

The company said it was these accomplishments that highlighted Stillman Digital's exceptional organic growth and market leadership.