The MFSA issued a warning in respect of a cryptocurrency firm allegedly operating without the proper regulatory approvals. It said it had become aware of an entity operating under the name of Bitcoin Revolution which is known to have an internet presence at https://the-bitcoinrevolution.org/ and several other websites.
Bitcoin Revolution is said to use adverts and pages on social media platforms to promote itself, linking the website to various prominent local personalities without their consent.
The website also allegedly falsely reports profits made by these individuals.
"The MFSA wishes to alert the public, in Malta and abroad, that no person is currently authorised under the Virtual Financial Assets Act (Chapter 590 of the Laws of Malta)," the MFSA said.
The regulator emphasised that Bitcoin Revolution was not a Maltese-registered company nor licenced or authorised to provide any investment or other financial services, as is required under Maltese law.
The regulator added that Bitcoin Revolution is likely to be an international “get-rich-quick” cryptocurrency scam.
"The public should therefore refrain from undertaking any business or transactions with the entity operating under the name of Bitcoin Revolution," the MFSA said.
The MFSA advised investors and consumers of financial services to check that the organisations they are considering investing with are authorised to provide such services by the MFSA or another financial services regulatory authority before parting with their money.