Public statement concerning the agreed temporary suspension of the financial services licence in respect of Blackfridge SC Limited (“Blackfridge”)

1.1 The Isle of Man Financial Services Authority (the “Authority”) makes this public statement in accordance with powers conferred upon it under section 13 of the Financial Services Act 2008 (the “Act”).

1.2  The making of such public statement supports the Authority’s regulatory objectives of, among other things, securing an appropriate degree of protection for customers of persons carrying on a regulated activity, reducing financial crime and maintaining confidence in the Isle of Man’s financial services industry. Furthermore, the Authority believes that the making of this public statement is desirable in the public interest.

1.3  On 14 January 2025, with the agreement of Blackfridge, the Authority suspended the Class 8 – Money Transmission Services – sub class 2(a) and sub class (4) regulated activity of Blackfridge. The “agreed temporary suspension” will remain in effect until one of the following events occurs:

(a) the “agreed temporary suspension” is varied or lifted by the Authority; or

(b) the relevant licence permissions are surrendered by Blackfridge; or

(c) the relevant licence permissions are revoked by the Authority.

1.4  The online register of entities regulated under the Act has been updated to reflect the above, and can be found here.