MFSA issues warning on Bitcoin Revolution

The financial services watchdog said Bitcoin Revolution was not registered or licensed to offer services in Malta

The MFSA warned that Bitcoin Revolution was not registered or authorised to offer financial services in Malta
The MFSA warned that Bitcoin Revolution was not registered or authorised to offer financial services in Malta

Malta’s financial services watchdog has issued a warning about an entity operating under the name Bitcoin Revolution.

The MFSA said in a statement on Friday morning that Bitcoin Revolution has been posting adverts and pages on various social media platforms linking the website to various prominent personalities without their consent.

“Moreover, the website falsely reports profits made by these individuals,” the MFSA said.

It added that it was informing the public that no person is currently authorised under the Virtual Financial Assets Act as at today.

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“Bitcoin Revolution is NOT a Maltese registered Company NOR licensed or otherwise authorised by the MFSA to provide any investment or other financial services which are required to be licensed or otherwise authorised under Maltese law.”

The warning comes as many social media users across Malta have reported seeing sponsored posts specifically aimed at the Maltese population.

Many of the ads employ the use of well-known political and entertainment figures, with promises of fortune and riches to the unsuspecting public.

Earlier this month, the government said it had filed a police report over several fake news websites mentioning the Prime Minister, ministers and the government in general.

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