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ARTICLE · 19 JUNE 2025

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Technical Note Of The OAFS On Pig Butchering Scams – Part 2/2

GTG Legal
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GTG Legal

GTG Legal

Since its founding in 1997, GTG has been at the forefront of Malta’s legal profession, blending...

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As discussed in Part One of this two-part series the technical note guidance issued by the OAFS places varying levels of responsibility on different types of financial services providers and this includes Virtual Financial...

MaltaTechnology
Delilah Vella
Delilah Vella

Scams

* This is Part Two of a two-part series dealing with Pig Butchering and APP scams.

As discussed in Part One of this two-part series the technical note guidance issued by the OAFS places varying levels of responsibility on different types of financial services providers and this includes Virtual Financial Assets Service Providers and Crypto-Asset Service Providers.

3. Virtual Financial Assets Service Providers (VFASPs) & Crypto-Asset Service Providers (CASPs)

VFASPs and CASPs are essentially cryptocurrency service providers – such as crypto exchanges, digital wallet providers, or other platforms dealing in crypto-assets.

In pig butchering schemes, VFASPs and CASPs often come into play when the victim is instructed to convert their money to crypto. For example, a scammer might persuade the victim to open an account on a crypto exchange to buy Bitcoin and then have them transfer the Bitcoin to an external wallet that the scammer controls.

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