Malta’s Financial Services Authority (MFSA) is concerned about the crypto project Bitcoin Revolution, considering it as the kind of fraud scheme.
According to the warning posted by the regulator on Friday, it was discovered that the project shows some signs of a scam business. Bitcoin Revolution reportedly attracts potential investors via the website the-bitcoin-revolution.org as well as some other websites, which features similar URL address. The project holds an active advertising campaign, saying that it has helped local celebrities to gain huge profits, while the latter is said to support the platform. Such advertisements were seen in different social networks. At the same time, all these statements are false and the people that are said to be supporters of the project have never taken part in it.
Besides, MFSA highlighted that Bitcoin Revolution fails to have any registration in Malta and does not possess the required licenses, adding that "no person is currently authorised under the Virtual Financial Assets Act (Chapter 590 of the Laws of Malta) as at today"
As the regulator believes, this project seems to be so-called international “get-rich-quick” crypto scam.
For now, the website is inactive, though as media reported, earlier it read that daily profit would not be below $1,300 while investors should spend just 20 minutes on the platform making use of the up-to-date bitcoin investment system.
"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 other financial services regulatory authority as applicable,” the warning concludes.