Malta Financial Services Authority (MFSA) Affirms ‘Bitcoin Revolution’ is a Crypto Trading Scam
If we are to believe the Malta Financial Services Authority (MFSA), Bitcoin Revolution is a scam. Chill out and drop your torches, though, as they are not talking about the Bitcoin revolution but of a company called Bitcoin Revolution, which operates in the country.
Today, January 25, the financial authority of the country has warned investors against a suspicious scam called Bitcoin Revolution. The company has decided to start its business in the country without calling the authorities first, which is clearly illegal. Because of this, there are many people suspicious that the company can be a scam as it is not authorized via the Virtual Financial Assets Act.
The main red flag that basically screams scam is that Bitcoin Revolution is advertising on social media platforms affirming that it is endorsed by the local authorities, which does not seem to be the truth. In fact, the authorities are not even sure that the people who created the company are based on the Blockchain Island.
Apart from lying about its legal status, the company is also local personalities to “endorse” the project, something that is also a lie. If a company is not registered with the regulators, advertises falsely and is completely outside of the boundaries of the law, you can basically call it a scam without being afraid that you are wrong. Bitcoin Revolution, unlike the Bitcoin revolution, is a bad idea.
An International Get Rich Quick Scam
The regulators from the island have declared that this company is a part of a “get rick quick” type of scam. These scams often propose a high return on investment in very short periods of time. Most of them are, in fact, Ponzi schemes. As the person who joined invites more people, more money enters the company. As soon as it stops, the company vanishes.
We have seen this pattern over and over. These criminals fool people into believing that they are really investing in Bitcoin while they are only handling their money to them. The first investors may even receive their return on investment to make appearances continue to be more normal, but almost everybody involved but the owners will lose money.
Therefore, Malta’s Financial Authority has advised customers to always know about the companies that they are investing in. In case they do not know who owns it and whether they can trust it not, they should just ignore these companies.
Not The Only Scam In Malta
While the International Monetary Fund (IMF) has recently sent a mission to Malta in order to evaluate the dangers of money laundering and found the country lacking in regulation, the fact is that the authorities are doing their best to stop scams and potentially damaging investments in the country.
Because of this, the regulators often call out scammers that are trying to get some fame off the Blockchain Island. Recently, Malta regulators decided to warn investors against a similar company called FxNobels.
According to the regulators, FxNobels was a broker that was trying to get Maltese customers without being approved by the government.
If you want to invest in companies from Malta, you should look at this site. Here, the MFSA lists all the companies that have licenses to operate in the country.