Regulatory Updates

The Financial Services Authority hereby issues this public statement, in line with section 28 of the Financial Services Authority Act, 2013 to notify the public that the Virtual Asset Service Providers Application submitted by Gray Matter Labs Limited trading as ‘Coinflare’ for approval under the Virtual Asset Service Providers (VASP) Act, 2024 (“the Act”), has been refused effective as of the 14^th October 2025. The company was formally instructed to cease all operations immediately or migrate its services out of the jurisdiction.

The public is hereby advised as to Gray Matter Labs Limited having opted to migrate its service offering outside of the Seychelles, and has successfully redomiciled.

For further enquiries of the transition, members of the public may contact Gray Matter Labs Limited directly on +60123910933 or in the alternative please contact vass@fsaseychelles.sc.

The Financial Services Authority (“FSA/Authority”) hereby gives notice to the general public, pursuant Section 4(1)(m) of the Financial Services Authority Act, 2013 (“FSA Act”), the accreditation of Mr. Eyal Alon as the Representative of Phoenix Limited has been terminated, effective as of February 13th, 2026.

The Financial Services Authority (“FSA/Authority”) hereby gives notice to the general public, pursuant Section 4(1)(m) of the Financial Services Authority Act, 2013 (“FSA Act”), the accreditation of Mr. Iordanis Grigoriou as the Representative of WizBrokers Limited has been terminated, effective as of February 13th, 2026.

The Financial Services Authority (“FSA/Authority”) hereby gives notice to the general public, pursuant Section 4(1)(m) of the Financial Services Authority Act, 2013 (“FSA Act”), the accreditation of Mr. Markos Solomou as the Representative of TOB Trading Ltd has been terminated, effective as of December 31st, 2025.

This notice is issued by the Financial Services Authority of Seychelles (“FSA”) drawing attention to the platform BiteBTC and Fedlio, accessible through websites https://bitebtc.com/ and https://fedlio.com/ which purport to operate through First Finance LLC and MSI Investments LLC respectively, and claim to be companies registered in the Seychelles..

The public is hereby notified that the afore-mentioned companies are not registered under the International Business Companies Act, 2016; and do not presently hold, nor have they ever been granted, any authorization for offering virtual asset exchange services, under the Virtual Asset Service Providers Act, 2024.

Consumers are reminded to always check whether the Virtual Asset Service Providers (“VASP”) or Virtual Asset products being offered to them are actually licensed/authorized and regulated in the jurisdiction from which they claim to operate. To note, the FSA publishes upon its website all persons authorised or licensed to offer non-bank financial services, including virtual asset services as well as the registration of Initial Coin Offerings or Non-Fungible Tokens.

The Seychelles continues to monitor activities within this domain and the public is encouraged to notify the FSA where they may feel they are engaging with VASPs that are operating without the proper licence or authorization by making use of the form available on the FSA website at the following link: https://fsaseychelles.sc/vasp/report-suspected-unauthorized-or-unlicensed-va-vasp-activity. 

The Financial Services Authority (“FSA/Authority”) hereby gives notice to the general public, pursuant Section 4(1)(m) of the Financial Services Authority Act, 2013 (“FSA Act”), the accreditation of Mr. Nikos Antoniades as the Representative of EF Worldwide Ltd has been terminated, effective as of January 14th, 2026.

The Financial Services Authority (“FSA/Authority”) hereby gives notice to the general public, pursuant Section 4(1)(m) of the Financial Services Authority Act, 2013 (“FSA Act”), the accreditation of Mr. Mauro Mazzacco as the Representative of ALTUM Ltd has been terminated, effective as of January 29th, 2026.

The Financial Services Authority of Seychelles (“FSA”) is issuing a notice to its investors, licensees and members of the general public to the website "https://horizonmarketsplc.com". The Authority takes note that the website refers to a company named Horizon (SC) Ltd claiming to be registered in Seychelles with registration number 6156187-1 and authorized by the Financial Services Authority under license number SD016. Please be advised that the entity is not known, does not hold a valid license nor is it regulated by the FSA in any capacity and the website is not linked to any entity licensed or regulated by the FSA in any capacity.
The Authority urges investors and members of the general public to conduct adequate research on an entity, service provider(s), and representative prior to engaging in any business activities and/or performing any transactions involving money exchanges or exchanges of personal details. The FSA reminds the public that the Authority shall not be liable should persons continue to engage or maintain client relationship, or make use of services provided with or by the aforementioned website.

This notice is hereby issued by the Financial Services Authority (“FSA”) to alert members of the public as to the circulation of a warning document signed by a Peter Eugenia Wallace, and referencing Article 18 of the Securities Markets and Investment Services Act (Law 6/2023, of 17 March) and advising persons affected by the liquidation of an unregulated entity, to contact the bank issuer (See below).

The aforementioned communication has not been issued by the Financial Services Authority. The named individual is not one known to or employed by the FSA, nor is the seal contained upon the document authentic.

Accordingly, the FSA strongly urges investors and members of the public to exercise caution and to always verify where they have suspicions as to the veracity of documents or information alleged issued or published by the Financial Services Authority.

This notice is issued by the Financial Services Authority of Seychelles (“the Authority/FSA”) drawing attention to platform known as “HitBTC” accessible through the website https://hitbtc.com/ allegedly operated by the named entities Hitechno Business Ltd. and HiTech Digital Business Ltd.

The public is hereby notified that the afore-mentioned companies do not presently have any legal or operational nexus to Seychelles despite claims made on various third party websites. The company does not, nor has it had any authorisation to operate under the Virtual Asset Service Providers Act, 2024, in or from the Seychelles.

The FSA urges investors and members of the public to undertake adequate research and evaluation of an entity, service provider, and representative prior to conducting business and/or performing any transactions involving money exchanges or exchanges of personal details.

Consumers are reminded to always check whether the Virtual Asset Service Providers (“VASP”) or Virtual Asset products being offered to them are actually licensed/authorized and regulated in the jurisdiction from which they claim to operate. To note, the FSA publishes upon its website all persons authorised or licensed to offer non-bank financial services, including virtual asset services, as well as the registration of Initial Coin Offerings (“ICO”) or Non-Fungible Tokens (“NFT”).

The Seychelles continues to monitor activities within this domain and the public is encouraged to notify the FSA where they may feel they are engaging with VASPs that are operating without the proper licence or authorisation by making use of the form available on the FSA website at the following link, https://fsaseychelles.sc/vasp/report-suspected-unauthorized-or-unlicensed-va-vasp-activity

For any further enquiries, please contact the FSA on vass@fsaseychelles.sc.