The Malta Financial Services Authority (“MFSA” or the “Authority”) has been looking into certain matters related to the Company in relation to failings which resulted from the Authority’s supervisory engagement with the Company. The Authority has considered the goodwill demonstrated by the Company and agreed to settle all pending matters.

Address:

c/o Regus Tower Business Centre 2nd floor
Triq It- Torri
Swatar
Birkirkara BKR 4013
Malta

Business Activity: VFA Service Provider

FINDINGS:

The MFSA’s investigation found failings in respect of:

• Article 28(1)(c) of the Virtual Financial Assets Act and Rule R3-2.3.4.4.2 (iii) of the Virtual Financial Assets Rulebook Chapter 3 – Virtual Financial Assets Rules for VFA Service Provider (the “VFA Rulebook”), for failing to observe the requirement to obtain the necessary approvals from the Authority prior to undertaking changes to its shareholding structure amongst its existing shareholders; and
• The Company’s failure to submit certain regulatory reporting documents across financial years 2022, 2023 and 2024, as outlined in the VFA Rulebook, within the stipulated deadline.

MEASURES

On 10 July 2026, the MFSA agreed to settle pending matters with the Company after demonstration of goodwill by the Company. By means of a settlement agreement entered into between the Company and the MFSA, the Authority imposed an administrative penalty of forty thousand five hundred and sixty Euro (€40,560) on Everest Network Ltd.

PUBLICATION

This notice is being published in terms of the Authority's Settlement Policy.