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Financial watchdog of Malta or the Financial Services Authority has warned of a new Bitcoin scam that has the same characteristics as a previously identified entity so we are reading further in the Bitcoin scam news.

The financial watchdog issued the warning today, October 31. The MSFA warned the public that an entity under the name ‘’Bitcoin Future’’ has pretty much the same ‘’ deceitful characteristics’’ as a separate scam which was named Bitcoin Revolution for which it has already issued two public warnings this year.

The statement explained that these scam operations appear to continually resurface on the web as adverts by simply changing their names to avoid detection. These suspicious adverts use false slogans such as ‘’A way to build your life better’’ and a ‘’Unique Opportunity for Maltese’’ as the MSFA noted, pointing to the readers of specific URLs where these fake ads are usually hosted. The watchdog also explained the culture and strategies of these exploits by saying:

 “Bitcoin Future is promoting itself by means of fake news articles which misuse images of local personalities and images of local government institutions. The fake articles are advertised on various social media platforms and falsely claim to be linked to these individuals.”

As a corrective, the MSFA clarifies that the Bitcoin Future is not a Maltese-registered company and it is not authorized to provide financial services from the country or in the country and it also not even an entity operating as it claims to be- under the transitory provision in terms of Article 62 of the Virtual Financial Assets Act of Malta.

In summary, the financial watchdog says that Bitcoin Future appears to be an international ‘’get rich quick’’ scam and asks the people in the country not to engage in transactions or business with the entity in any of its disguises. The notice included a link to an official list of financial services entities that are licensed by the MFSA as well as the scam detection guidelines and a point of contract for scam alert and victims.

The MSFA also published a strategic plan to actively monitor and manage business-related risks that are related to crypto companies. A strategic plan for 2019-2021, reveals that the watchdog will modernize the regulatory approach and will work closely with the Financial Intelligence analysis unit alongside other national and international authorities.