Austria’s FMA Issues Warning Against Bitcoin Trader

The Austrian Financial Market Authority (FMA) on Wednesday issued a warning against Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term Trader, a crypto investment website, informing potential investors that the entity is not allowed to carry out bank transactions.

“Bitcoin Trader is not entitled to carry out banking transactions in Austria that require a license. Therefore the acceptance of funds from other parties for the purpose of management is not allowed pursuant to Article 1 Para. 1 no. 1 first case BWG,” the FMA noted.

According to its website, Bitcoin Trader is “a group dedicated exclusively to people who have bounced off Bitcoin on top of the insane profits, tacitly accumulating a fortune.”

The automated trading platform which runs on its proprietary technology is guaranteeing the investors to earn at least €1,300 (around $1,460) per day by putting an effort for 20 minutes a day on an average.

The website is even claiming that some of its investors earned a million in merely 61 days.

An MLM for trading crypto

Though Bitcoin Trader does not charge any fee for executing trades or as commission, it is earning money with a multi-level Marketing Marketing Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Read this Term scheme.

“This is similar to MLM, affiliate marketing or anything else. The software is based on an innovative algorithm that wins trades with an accuracy of 99.4%,” the platform noted.

Per the website of the platform, it was founded by two university students - Jeff and Mike. However, no other details about the founders were mentioned, even the name of the university was not mentioned.

“...provided that said person has given cause for such action and informing the general public is deemed necessary and reasonable with regard to possible disadvantages of the person concerned,” the warning statement added.

The Austrian market watchdog is actively flagging unauthorized investment platforms. Yesterday, the FMA published a warning against Universe Markets for operating within the country without proper permission.