Maltese financial regulator, the Malta Financial Services Authority (MFSA), has made it clear to residents that “Bitcoin Future,” a new Bitcoin Ponzi scheme that claims to be endorsed by popular celebrities and regulators, is a fake investment platform and has not been licensed by the MFSA, according to a press release on October 31, 2019.
Bitcoin Future Not Legit
At a time when authorities in various jurisdictions including China have renewed their interest in distributed ledger technology (DLT), while also formulating amenable laws to govern cryptocurrencies, people’s interest in bitcoin and altcoins have spiked significantly and rogue actors are now looking to capitalize on this new FOMO.
In the latest development, the Malta Financial Services Authority (MFSA), has warned residents to refrain from pumping their hard-earned money into “Bitcoin Future,” a suspected Bitcoin Ponzi scheme that claims to be endorsed by local and international celebs.
The MFSA said:
“The Malta Financial Services Authority has been notified of an entity by the name of Bitcoin Future. This platform appears to present the same deceitful characteristics as another entity, Bitcoin Revolution.”
Bitcoin Future’s Modus Operandi
Reportedly, the fake Bitcoin investment scheme claims to provide Maltese residents with a unique opportunity they could use to build a better life.
To back up its frivolous claims, Bitcoin Future posts false endorsement statements and promotional materials on various social media platforms along with the images of popular public figures, government institutions and financial regulators on social media.
What’s more, the MFSA has made it clear that Bitcoin Future is neither a registered Maltese firm nor an investment platform that has applied for the relevant license with the MFSA and is awaiting the regulator’s nod.
The MFSA has urged investors to do their due diligence and be sure that the financial service platform that piques their interest have the right license to offer such a service.
In related news, BTCManager informed in July 2019, that the United States Commodity Futures Trading Commission (CFTC) had slapped a $360,000 monetary fine on two Americans for impersonating it in a Bitcoin scam project.