Austrian FMA Advises Retail Investors To Stay Away From Bitcoin Profit Trading
A new press release came from the Austrian Financial Market Authority to let retail investors know that trading with Bitcoin Profit could put them at risk. Based on information from the FMA, Bitcoin Profit doesn’t have the proper requisite licenses to function in the area.
Right now, services are down on the website, so it is hard to say how much damage they’ve done, and how much the people of Austria have been tied into. With this in mind, the supporters of Bitcoin Profit seem to be supporting their services for the better part of the year.
There are some false “reviews” that “happy” customers have written online about the company. Based on the information, it seems that there’s the potential for a cryptocurrency trading platform that some users can access. In a seemingly self-promotional video, one “user” claims that they’ve managed to profit thousands of dollars with this platform. However, watchers should take this “review” with a grain of salt, considering that the “user” is available as a “spokesperson” on Fiverr, a website that outsources various freelancing projects.
Anyone that ends up signing up with Bitcoin Profit Is directed to an exchange that is, at best, “dodgy,” as Finance Magnates puts it. To add to the potential scheme, there’s a software offered by the company that uses a lot of the same jargon that popular scams do. The only real difference between Bitcoin Profit and others is a new logo and a new color scheme.
Unregulated cryptocurrency poses a major threat to investors, especially considering the lack of protection and accurate information.
At least for now, the official translated press release from the FMA says,
“Bitcoin Profit is not entitled to perform banking transactions requiring a license in Austria. Therefore, the provider is not permitted to accept third-party funds as a deposit.”