The Malta Financial Services Authority has taken note of the fact that Bitcoin Revolution, a topic already widely discussed on January 25th, 2019, has resurfaced. In a document published on August 29th, 2019, the MFSA warns all users that this platform is not registered with them at all.
Bitcoin Revolution is a platform that, by means of advertising on various social networks, promotes itself by exploiting the notoriety of public figures without their consent. As if that were not enough, the official website reports false profits made by these people.
The MFSA document clearly states that Bitcoin Revolution is not a Maltese company nor does it possess the requirements or authorisations issued by the Malta regulator to provide investment or other financial services.
It also indicates that this is probably an international cryptocurrency scam aimed at rapidly enriching the managers of the platform.
All users should stay away from this type of scheme which is increasingly involving more people as a result of their inexperience and naivety. The advice given by the authorities is to always research before making any kind of investment and to make sure that the companies in question are authorised to provide this type of service.
A complete list of all entities complying with this standard can be viewed on the official MFSA website, whereas if a user suspects that they have been scammed, or that they are dealing with unregulated companies, they can simply click on the following link to contact the Maltese entity directly.
Just like the MFSA, the Belgian counterpart has recently updated a list of suspect companies, which includes 121 companies in the sector. Bitcoin Revolution persuades users to make a first deposit and then makes the funds disappear from their account. Then, after contacting the company, the users receive a phone call in which they are invited to make another investment to solve the technical problems encountered by the platform.
As if that were not enough, the company has declared to be about 0.01 seconds ahead of other financial brokers, a position that would have encouraged users to invest more since even such a short period of time could be of real benefit to traders. This is clearly one of the many scams in the industry.