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Maltese Financial Regulator Warns About Suspicious Project

29 August 2019 17:07, UTC
Maltese Financial Regulator Warns About Suspicious Project

In light of recent activities in EU concerning crypto regulations and similar guidelines referring to FATF recommendations, the MFSA (Malta Financial Services Authority) has come out with yet another warning against the actions of the Bitcoin Revolution company. The regulator says is not authorized in any way to offer investment opportunities and services to the local population.

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.

Malta being crypto hub demands responsibility

25.06.2019  |   in Innovations
The reason why Malta has been being hit with multiple cryptocurrency schemes lately is because of their level of crypto adoption. The country has reached levels where nearly every third company is related to cryptocurrencies, while every second is a gambling company using these cryptocurrencies.

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.

MFSA wants to help those who were scammed

The MFSA also came out with a statement, saying that it’s ready to support any local who had the misfortune of dealing with the Bitcoin Revolution or any similar company. All they need to do is report to the regulator’s office and make an official complaint against the scammers.

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.



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