MFSA Adds Bitcoin Future to Its Crypto Warning List

The regulator branded it as a “get-rich-quick” scam.

The Malta Financial Services Authority (MFSA) on Thursday added yet another suspicious crypto company to its warning list – this time, it’s Bitcoin Future.

Per the financial watchdog, the Bitcoin Future is likely to be an international “get-rich-quick” cryptocurrency scam, with much resemblance to Bitcoin Revolution, another crypto scam of which the regulator warned twice.

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“Such entities have been constantly resurfacing on the internet as adverts, and are operating under various names. These fake adverts claim to provide a ‘Way to build your life better’ and a ‘Unique opportunity for Maltese,’” the Maltese watchdog stated.

The warning also publicly revealed the internet address – securebtcoffer.com – through which the shady company is attracting potential victims.

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MFSA also detailed that the company is promoting itself using fake news articles which misuse images of local personalities and images of local government institutions. These articles are shared on multiple social media platforms and “ falsely claim to be linked to these individuals.”

The regulator also confirmed that Bitcoin Future is not registered as a company with the Maltese authorities and is not authorized to provide any financial services in or from the country.

“The MFSA strongly advises investors and consumers of financial services that prior to making any investment or entering into any financial services transaction they should make sure that the entity with whom the investment or transaction is being made is authorized to provide such services by the MFSA or another financial services regulatory authority as applicable,” the warning noted.

Increasing scams using crypto

The Maltese watchdog is constantly busting suspicious investment companies to prevent potential victims from falling for them. Most recently, it issued a warning against a cryptocurrency brand called Bitcoin & Autotrader.

Other European counterparts of MFSA are also raising alarms against such firms as Spain’s National Securities Market Commission recently warned the public against 21 unauthorized crypto and FX firms.

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