The Seychelles Financial Services Authority (FSA) issued a public warning about alleged unauthorised virtual asset activity linked to the website bithash.net, which it said is allegedly operated by Phoenix Trading Solutions LTD. The FSA stated that the company does not, and has never, held authorisation to operate under the Virtual Asset Service Providers Act, 2024. Phoenix Trading Solutions LTD was struck off and dissolved as of 1 January 2023 and is therefore no longer a legal entity. The FSA reminded consumers to verify whether a virtual asset service provider or virtual asset product is licensed or authorised and regulated in the jurisdiction from which it claims to operate, noting that the FSA publishes on its website the list of authorised or licensed non-bank financial service providers (including virtual asset services) and registrations of initial coin offerings and non-fungible tokens. The authority encouraged the public to report suspected unauthorised or unlicensed virtual asset activity using the reporting form available on its website and said it continues to monitor the sector.
Seychelles Financial Services Authority 2025-10-28
Seychelles Financial Services Authority warns bithash.net is operating without authorisation under the Virtual Asset Service Providers Act
The Seychelles Financial Services Authority (FSA) warned about unauthorised virtual asset activity linked to bithash.net, operated by Phoenix Trading Solutions LTD, lacking authorisation under the Virtual Asset Service Providers Act, 2024. Phoenix Trading Solutions LTD was dissolved on 1 January 2023. The FSA advises consumers to verify the licensing status of virtual asset providers and report suspected unauthorised activities.