Regulatory Updates

This notice is hereby issued by the Financial Services Authority (“FSA”) drawing attention to the website www.blockdag.network and the ‘BLOCKDAG’ coin which has been issued by DAG SYSTEMS LTD.  previously incorporated under the International Business Companies Act. The FSA wishes to advise the public as to the fact that the company does not, nor has it had any authorisation to operate under the Virtual Asset Service Providers Act, 2024 and was simply incorporated.

The company has since been struck off and was dissolved as of the 18^th October 2025, and is therefore no longer a legal entity.

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 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.

Financial Services Authority

The Financial Services Authority (“the Authority”) hereby issues this public notice pursuant to its mandate to protect the integrity of the Seychelles financial system and to ensure compliance with the Virtual Asset Service Providers Act, 2024 (“VASP Act”).

This notice is issued further to Circular No. 4 of 2024 published on the 2^nd September 2024 by the Financial Services Authority in respect of the commencement of the VASP Act as from the 1^st September 2024, with emphasis placed on the duty for relevant parties to regularize their service offering and effect such changes as may be necessary to ensure compliance with the VASP Act.

Section 40(1) of the VASP Act prohibits any person, other than a licensee or registrant, from using any name that includes the words or expressions or any combination thereof, which may reasonably be construed as alluding to the provision of services that are licensable under the VASP Act.

Such prohibited words and expressions include, but are not limited to, the following:

This restriction is intended to prevent the public from being misled into believing that an entity is authorized or regulated to provide virtual asset services in or from Seychelles.

Following a comprehensive review of the register of International Business Companies (“IBCs”), the Authority has identified a number of IBCs that remain non-compliant with section 40 of the VASP Act. Such breach constitutes an offence and may give rise to the imposition of a fine, imprisonment, or both, in accordance with the provisions of the VASP Act.

These entities were previously notified through their respective International Corporate Service Providers and have been provided with a reasonable period to take the necessary measures in order to remove any reference of the above words (or any combination thereof) from their names, be it their registered business or trade names if there is no intention to be licensed or registered under the VASP Act.

Given that the deadline to effect the change has now lapsed, the IBC’s listed in Annex A, have been identified as being in breach of Section 40 of the VASP Act, and consequently have committed an offence and may be subject to such further enforcement measures as may be deemed necessary.

As a result of this continued non‑compliance, the Authority has initiated the process to strike off the identified entities from the Register of International Business Companies, in accordance with the applicable provisions of the International Business Companies Act.

The Authority strongly advises members of the public to exercise caution and to verify the regulatory status of any virtual asset service provider by consulting the list of licensed and registered entities published on the Authority’s official website.

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

Annex A – List of Entities in Contravention of Section 40 of the VASP Act

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. Peter James Speros as the Representative of XBTFX (SC) Limited has been terminated, effective as of July 9th, 2026.

All members of the general public are advised that this notice is issued solely for informational and public awareness purposes. It does not constitute, and shall not be construed as, an enforcement action, or adverse determination of any nature against any person or entity referred herein.

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”), that the Securities Dealer Licence of Opal Markets Ltd and that of the Securities Dealer Representative Licence of Mr. Diego Alvarez have been surrendered as per the requirements of Section 30(1) of the FSA Act, effective January 22nd, 2026.

This notice is issued by the Financial Services Authority of Seychelles (“the Authority/FSA”) drawing attention to platform known as “WOO X Crypto Exchange” accessible through the website https://woox.io/ which is operated by WOOTECH Limited Corp.

The public is hereby notified that the afore-mentioned company does not presently have, any legal or operational nexus to Seychelles, notwithstanding any representations to the contrary 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.

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

The FSA continues to monitor activities within this domain and encourages the public to report to the FSA of any VASP they are engaged with that they believe to be operating without the requisite licence or authorisation. Reports may be submitted using the online reporting 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. 

The Financial Services Authority of Seychelles (“FSA”) is issuing a notice to its investors, licensees and members of the general public to the website "www.mirrortradelocker.com". The Authority takes note that the website refers to a company named MirrorTradelocker Ltd claiming to regulated and authorized by the Financial Services Authority under license number SD018. 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”) drawing attention to the website https://lune.fi/ allegedly operated by Lune International Holdings LTD incorporated under the International Business Companies Act, 2016 (“IBC Act”). The FSA wishes to advise the public as to the fact that the company does not, nor has it had any authorization to operate under the Virtual Asset Service Providers Act, 2024 and the Securities Act, 2007 (as amended).

The company is registered on the register for International Business Companies but does not hold any authorization for the offering of virtual asset related services and securities business as is provided for within the Virtual Asset Services Providers Act, 2024 and the Securities Act, 2007 (as amended).

The FSA Seychelles urges investors and members of the public to exercise due diligence, conducting thorough research and evaluation of any entity, service provider, or representative before engaging in business or performing any transactions involving money transfers or the exchange of personal information. The FSA reminds the public that the FSA 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.

The FSA 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 or Securities business.

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

Further to the notice issued by the Financial Services Authority of Seychelles (“the Authority/FSA”) on the 15^th January 2026 in relation to the platform known as “HitBTC” accessible through the website https://hitbtc.com/ , and the entities previously identified in connection with the platform, namely Hitechno Business Ltd. and HiTech Digital Business Ltd., the FSA wishes to draw the public’s attention to Hit Tech Solutions Development Ltd., a company previously incorporated in Seychelles, as the latest company identified as the alleged operating company.

The public is hereby notified that Hit Tech Solutions Development Ltd. does not, nor has it had, any authorisation to operate under the Virtual Asset Service Providers Act, 2024, and was simply incorporated in Seychelles.

The company has since been struck off and was dissolved on the 12^th May 2023, and is therefore no longer a legal entity.

Hit Tech Solutions Development Ltd., along with the aforementioned entities, does not presently have any legal or operational nexus to Seychelles, despite claims made on various third-party websites. The entities do not, nor have had, any authorisation to operate under the Virtual Asset Service Providers Act, 2024, in or from the Seychelles.

For completeness, the platform https://hitbtc.com/ is not affiliated to any application, or standing authorisation to operate 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.

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. Jia Kung Liu as the Representative of Magic Compass Global Ltd has been terminated, effective as of April 30th, 2026.

All members of the general public are advised that this notice is issued solely for informational and public awareness purposes. It does not constitute, and shall not be construed as, an enforcement action, or adverse determination of any nature against any person or entity referred herein.

This notice is issued by the Financial Services Authority of Seychelles (the “FSA” or the “Authority”), pursuant to section 28 of the Financial Services Authority Act, 2013, to advise the public, existing clients, and other stakeholders of the closure and winding up of the virtual asset business conducted by HDR Global Trading Limited (IBC No. 148707) trading as BitMEX Exchange (the “Company”), which has been operating as a transitional entity pursuant to section 42 of the Virtual Asset Service Providers Act, 2024 (the “VASP Act”).

1.        The Company submitted an application to the FSA for a licence under the VASP Act on 18^th December 2024 and, in accordance with the transitional provisions of the Act, was permitted to continue conducting virtual asset exchange services pending determination of that application.

2.       The FSA wishes to advise that the Company has voluntarily elected to cease operations and withdraw its licence application. Accordingly, the Company's authorisation to conduct virtual asset service provider business in or from Seychelles consequently ceases with effect from the 23^rd July 2026. Thereafter, its activities shall be limited for the purposes of an orderly winding up of the company comprising of such measures as would be required to return user assets and close off any open positions.

3.        With effect from the date of this notice, the Company is not authorised to onboard new clients, and will only permit existing users to implement new deposits or enter into any new virtual asset transactions as part of the orderly winding down of exchange services.

4.      The Company has submitted a winding down plan, approved by the Authority, to ensure the orderly cessation of its operations, including the return of client assets and funds. The Company is required to complete the process of ceasing exchange operations by no later than the intended closure date of the 23rd September 2026, and to continue engaging with users to ensure the return of all client-held virtual assets.

5.        Clients are advised to close all open positions and withdraw their funds as soon as reasonably practicable. Users may contact the Company directly at support@bitmex.com to arrange for the withdrawal or return of any virtual assets or funds held on their behalf. Clients who are unable to obtain a satisfactory response from the Company are encouraged to notify the FSA using the contact details provided below.

6.        Following 23 September 2026, any continued provision of exchange services in or from Seychelles thereafter will constitute unlicensed activity in contravention of the VASP Act, noting the Company's ongoing obligations to secure and expedite the return of all client-held virtual assets. Notwithstanding that, please be assured that a support mechanism will remain accessible to users throughout the Company's winding-down period to ensure users have access to the necessary assistance and guidance throughout the company’s winding down period.

Members of the public seeking further information on the winding down of the exchange may contact the company directly at support@bitmex.com. Alternatively, enquiries may be directed to the FSA at vass@fsaseychelles.sc.

All complaints may be directed to the provided link: https://fsaseychelles.sc/complaint-handling