The Malta Financial Services Authority has warned investors about yet another Bitcoin investment scam. The platform, Bitcoin Future, has been using images of local public figures to dupe its victims.
Whilst Bitcoin’s borderless and censorship-resistant design creates immense possibilities for the future of finance, these features also make the cryptocurrency well-suited for scams. With tales of early investors realizing massive gains from “magic internet money” clouding their judgment, many people fall for the promises of similar returns from even modest investments.
The Malta Financial Services Authority (MFSA) has just added another name to its list of known suspected scams appealing to Maltese investors without its permission. According to a post to its website, Bitcoin Future displays many of the same characteristics of other fraudulent investment platforms the regulator has identified in the past.
It mentions, specifically, a company calling itself Bitcoin Revolution. The MFSA previously issued warnings about Bitcoin Revolution in January and August of this year.
Bitcoin Future and Bitcoin Revolution promote themselves using fake articles posted to news sites. They use images of local celebrities and entrepreneurs to appear more legitimate. In the case of Bitcoin Future, articles are circulated on social media platforms with headlines like “Unique Opportunity for Maltese.”
The MFSA has reminded the public that it has not issued Bitcoin Future a license and, therefore, the company should be avoided. The regulator added that it seemed likely that the platform was an international “get-rich-quick” Bitcoin scam.
The warning follows a similar one from Belgium’s securities regulator, FSMA. Earlier this week, BeInCrypto reported on the financial watchdog adding a further nine names to its list of companies operating without its permission in the country. This brings the total to 131.
Like the FSMA warning, the Maltese regulator has urged investors to exercise caution when deciding whether to invest in such platforms. Many companies advertise that they do indeed have approval from various financial authorities around the world. However, when cross-referenced with the regulators in question, this turns out not to be true.
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