Malta authorities warn consumers again: Beware of Bitcoin Revolution

Malta authorities warn consumers again: Beware of Bitcoin Revolution

The chief financial regulator of Malta has issued another warning to consumers about suspicious crypto-schemes being promoted by Bitcoin Revolution.

The Malta Financial Services Authority (MFSA) reissued the warning on Thursday, after first flagging dubious activity at the firm back in January.

Bitcoin Revolution has already been added to the MFSA’s blacklist of crypto companies it urges investors to avoid doing business with, along with multiple different websites run by the company.

The updated warning takes account of new URLs being used by the firm to defraud investors, according to the regulator.

In its warning, the regulator said Bitcoin Revolution was not licensed or authorized in any way to provide financial services or products, describing its offerings as akin to “get-rich-quick” scams.

In the strongest possible terms, the regulator said investors should avoid doing business with the company and any of its associated investment schemes:

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 agency added, “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.”

As part of a series of wider measures against crypto scams, the regulator has provided consumers with a link to quickly check whether crypto providers are registered and licensed — with many still operating illicitly, soliciting investment without the necessary authorizations.

While this alone will do little to bring an end to crypto scams, the hope is that the tool will help more investors will take steps to protect themselves in crypto and digital asset markets.

The news comes in the same week regulators in Belgium updated their blacklist of crypto scam companies, which now stands at a total of 21 entities.

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