This is not the first warning that the MFSA has made about the Bitcoin Revolution project, as the shady company first hit the regulator’s radar as early as January 2019. Ever since then the company has been blacklisted and any attempts to enter the Maltese digital space were met with a permanent ban and block.
According to the MFSA and InsideBitcoins, the Bitcoin Revolution is using illegal means of promotion for their products, which is hard to believe even exists. Their marketing campaign consists of banner posts on various social media channels that feature celebrities and popular industry professionals. The company showcases these peoples’ profits which, according to the MFSA are hard to believe are real.
Once again, the regulator advises the local populace to stay away from the company.
According to several market experts from CasinoReviewer.org, Malta has become a hotspot for cryptocurrencies because of their favorable tax conditions in any industry. The investment firms and the casinos themselves pay equal amounts in taxes, while also benefiting from a rather cheap local labor. Furthermore, the experts mentioned that the popularity of casinos on Malta was what drove the popularity of cryptocurrencies as well, as it were the casinos that first started to feature these currencies in the past.
Therefore, having very heightened vigilance on investment fraud cases in the country is nothing to be surprised with. The authorities over at MFSA have been dealing with fraudsters, scammers and money launderers for years, and in very few cases have they had a fluke.
Furthermore, the MFSA advises the local populace to always check its database of registered companies before committing to registering on such platforms. The regulator also added:
“If you’re a victim of such a scam company, first of all, stop the transactions immediately and contact the MFSA on our website as soon as possible.”
This could imply that the regulator could be able to get the funds back if it’s not too late.