MFSA Re-Issues Warning Against Bitcoin Revolution’s New Platform

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

The Malta Financial Services Authority (MFSA) on Thursday re-issued its public warning against suspicious crypto-related schemes of Bitcoin Revolution.

The financial watchdog first warned against Bitcoin Revolution in January and blacklisted multiple websites operated by the entity including https://the-bitcoinrevolution.org/.

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Per the fresh warning, the suspicious entity is now targeting potential victims with a new internet address – https://zozo-framework.com/Bitcoin-revolution.

Not a licensed entity

The Maltese regulator warned that the entity is not licensed or authorized by it to provide any investment or other financial services.

In addition, it detailed that the investment opportunities provided by the company resemble “get-rich-quick” cryptocurrency scams. It warned the public not to fall for any such schemes and refrain from undertaking any business or transactions with the entity operating under the name of Bitcoin Revolution.

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“Bitcoin Revolution promotes itself by means of adverts and pages on various social media platforms linking the website to local personalities without their consent. Moreover, the website falsely reports profits made by these individuals,” the MFSA stated.

It also suggested the victims of any such scams to stop all transactions first and approach the regulator with details.

“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 watchdog added.

It also published a link where investors can verify whether an entity is registered with the regulator or not.

Similar to the MFSA, its Belgian counterpart also recently updated its list crypto warning list with the addition of xtb-markets.com. The list now contains a total of 121 companies all of which are flagged by the regulator for pushing suspicious schemes.

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