Regulatory Updates

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

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 Aerarium Limited and that of the Securities Dealer Representative Licence of Mr. Georgios Karoullas have been surrendered as per the requirements of Section 30(1) of the FSA Act, effective July 17th, 2026.

This notice is hereby issued by the Financial Services Authority (“FSA”) drawing attention to the website https://www.btcsquare.net/ operated by Inside Invest Inc 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 is simply incorporated.

The FSA further wishes to advise that confirmation has been received from the original project owners that the legitimate platform has ceased operations and that they have no affiliation, involvement, or association with any duplicated, cloned, or impersonating websites using similar branding, content, or representations.

Members of the public are therefore advised to exercise caution when engaging with any websites claiming an association with the original project.

Consumers are reminded to always check whether the Virtual Asset Service Provider (“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 authorized 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. Interested parties seeking further confirmation regarding the original project may contact Inside Invest Inc at insideinvestinc@gmail.com .

This notice is issued by the Financial Services Authority of Seychelles (“the Authority/FSA”) drawing attention to platform known as “DEEPCOIN” accessible through the website: https://www.deepcoin.com/turbo/en allegedly operated by the named entity DC Group Ltd. formerly DEEPCOIN Global Limited.

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 despite claims made on the platform and other third party mentions. As per the IBC register, DEEPCOIN was incorporated on the 1st July 2025. To date, the Authority has not received an application for DEEPCOIN for operations pursuant to 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 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 of Seychelles (“FSA”) is issuing a notice to its investors, licensees and members of the general public to the website "www.optimamarket.org". The Authority takes note that the website refers to a company named OPTIMA MARKETS claiming to be authorized and regulated by the Seychelles Financial Services Authority. 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.  

The Financial Services Authority (FSA) hereby issues this Public statement pursuant section 28(2) of the Financial Services Authorities Act, 2013 to provide clarity to the public, market participants, and all stakeholders regarding the regulatory status of stablecoins under the Virtual Asset Service Providers (VASP) Act.

1. Purpose of this Notice

This notice aims to:

• Inform the public of the current regulatory position and treatment in respect of stablecoins.
• Address enquiries received from industry participants regarding whether stablecoins are considered “virtual assets” for the purposes of the VASP Act.
• Ensure transparency and promote compliance with existing legal requirements.

2. Definition of Virtual Assets Under the VASP Act

For the purposes of the VASP Act, a virtual asset is defined as:

“means a digital representation of value that can be digitally traded or transferred and can be used for payment or investment purposes and does not include digital representation of fiat currencies, securities and other financial assets”

The Act regulates persons engaged in virtual asset services, including activities such as exchange, transfer, custody and administration of virtual assets for and/ or on behalf of persons. It further registers the issuances of initial coin offerings and non-fungible tokens as respectively defined under the VASP Act.

3. Treatment of stablecoins under the VASP Act

After an assessment of stablecoins as a category of digital instruments, the Authority hereby confirms the following regulatory position:

“Stablecoins, in their current form and usage within the domestic market, are not classified as “virtual
assets” under the VASP Act and therefore do not fall within the scope of VASP licensing or regulatory
requirements.”

The position is based on the following considerations:

3.1. Nature and Structure of Stablecoins

Stablecoins are typically pegged to a reference asset (e.g., fiat currency, commodities, or other stable financial instruments). Their purpose is primarily value preservation, rather than functioning as a speculative digital asset.

3.2. Exclusion Based on Functional Characteristics

Under the VASP Act, instruments that function similarly to fiat representations, closed-loop payment instruments, or redeemable stored-value arrangements do not meet the Act’s definition of virtual assets.

Most stablecoins currently observed within the market:

• Operate as digital representations of fiat value,
• Are redeemable for an equivalent amount of underlying assets, and
• Do not carry the characteristics of open-market virtual assets such as price volatility or speculative trading value.

Therefore, these instruments are excluded from the Acts’s scope.

4. VASP activities in lieu of stablecoins.

In regards to VASP-related services in respect to stablecoins such as –

• Exchanges,
• Brokering/dealers,
• Hold/custody
• Investment advice.

would require a license under the VASP Act depending on the scope of the activities being undertaken.

5. Important caveats and ongoing monitoring

While stablecoins issuances are not currently regulated under the VASP Act, the Authority emphasizes caution based on the risks to consumers and investors as exemplified below:

5.1. Counterparty risk associated with the issuer.

Such refers to the risk of the stablecoin issuers being unable or unwilling to meet its obligations to users. Unlike cash or other traditional fiat held in a bank account that is protected by the bank, stablecoin holders rely entirely on the financial health and integrity of the issuer. If the issuer experiences financial distress, mismanages funds, becomes insolvent, or is subject to fraud or legal action, users may be unable to redeem their stablecoins at face value, potentially resulting in partial or total loss of their holdings.

5.2. Lack of transparency on backing reserves.

Such arises when stablecoin issuers do not provide clear, timely, or independently verified information about the assets supporting the stablecoin’s value. In some cases, reserves may consist of a mix of cash, short-term debt, or other financial instruments rather than fully liquid assets.

5.3. Redemption delays or failures.

Such refers to the occurrence where users are unable to promptly convert stablecoins back into fiat currency. These issues may arise due to liquidity constraints, operational bottlenecks, regulatory restrictions, or issuer-imposed limits during periods of high demand. Even if a stablecoin nominally maintains its peg, delays or suspensions in redemption can prevent users from accessing their funds when needed, particularly during times of market volatility.

5.4. Exposure to foreign regulatory decisions.

Such refers to the fact that many stablecoin issuers are regulated in jurisdictions outside the user’s home country. Regulatory actions taken by foreign authorities, such as license revocations, asset freezes, enforcement actions, or changes in legal frameworks can materially affect the issuer’s ability to operate or honor redemptions. Users may have limited legal recourse or consumer protection if such actions occur, especially when laws and enforcement mechanisms differ across jurisdictions.

5.5. Cybersecurity and operational risks.

Such refers to the risks stemming from the heavy reliance of stablecoinsrelated activities on digital infrastructure, including smart contracts, blockchain networks and custodial systems. Cyberattacks, software vulnerabilities, system outages, or internal control failures can result in theft, loss of access, or prolonged service disruptions. Even when backing reserves are adequate, such technical or operational failures may compromise users’ ability to use, transfer, or redeem
their stablecoins effectively. Members of the public are urged to exercise caution when purchasing, holding, or transacting with stablecoins.

6. Guidance for business and the public

Members of the public who are unsure whether their activities fall under the VASP Act or any other regulatory framework are encouraged to:

• Seek guidance from the Authority,
• Request formal classification or regulatory interpretation where necessary, and
• Ensure that their activities comply with all applicable legal requirements.

FINANCIAL SERVICES AUTHORITY

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 Angel Venture Partners Limited trading as Quickex for approval under the Virtual Asset Service Providers Act, 2024 (“the Act”), has been rejected as of the 14^th February 2025.

The company was formally instructed to cease all operations immediately or migrate its services out of the jurisdiction.

The public is hereby advised that Angel Venture Partners Limited remains incorporated in Seychelles; however, it has caused to migrate, any and all virtual asset services as defined under the First Schedule of the Act outside of the jurisdiction. The company’s activities are limited to the holding and management of intellectual property and any virtual asset-related services associated with the platform are undertaken by a separate legal entity incorporated outside of Seychelles.

For further enquiries, members of the public may contact the Authority at 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. Christopher Albert Drummond as the Representative of Pepperstone International Markets Limited has been terminated, effective as of February 18th, 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.