The Malta Financial Services Authority (MFSA) has started off its Friday morning by warning against a suspected scam in the cryptocurrency industry, Bitcoin Revolution.
According to the warning from the MFSA, Bitcoin Revolution operates via https://the-bitcoinrevolution.org/ and other websites. However, the site that the regulator has provided is not actually active – or at least this author was unable to access it.
This is probably a good thing, however, as the Maltese watchdog states that the company is not authorized under the Virtual Financial Assets Act.
Nonetheless, the entity is still promoting itself via adverts and pages on social media platforms. Specifically, the company is claiming to be endorsed or associated with local personalities without their consent.
In addition, Bitcoin Revolution is falsely reporting that these local personalities are making profits through cryptocurrencies.
“Bitcoin Revolution is NOT a Maltese registered Company NOR licenced or otherwise authorised by the MFSA to provide any investment or other financial services which are required to be licenced or otherwise authorised under Maltese law,” the Maltese regulator highlights.
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Specifically, the watchdog warns that the information it holds indicates that the Bitcoin Revolution is like an international “get-rich-quick” cryptocurrency scam.
Therefore, members of the public should not undertake any business or transactions with Bitcoin Revolution, the regulator urges.
“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 authorised to provide such services by the MFSA or another financial services regulatory authority as applicable,” added the regulator.
MFSA adds FxNobels to its warning list
Bitcoin Revolution is not alone in its suspicious antics. In fact, last week Finance Magnates reported that the MFSA had also warned against another sketchy company – FxNobels.
According to the Maltese regulator, the broker has been trying to solicit customers in Malta without having the regulatory authority to do so.
In order to protect yourself from potential scams, consumers can find a list of entities licensed by the MFSA via its official website here.