NBS warning: The Bitcoin Revolution and Bitcoin Evolution platforms

8 April 2020 | Information for the public

Národná banka Slovenska (NBS) warns the public about the Bitcoin Revolution, Bitcoin Evolution, and BitcoinPRO platforms, which offer investment in cryptoassets. These platforms are promoted on various websites, such as www.the-bitcoinrevolution.com[1] and www.btcevolutionweb.com. The platforms are also advertised on-line and referred to in promotional articles on the internet. Advertisements encourage consumers to invest, promising high rates of return. The investment is frequently recommended by several famous personalities. NBS cannot rule out that such promotion constitutes a misleading advertisement. Websites promoting these platforms develop (appear and disappear) very dynamically.

NBS further points out that a Maltese national supervisory authority (the Malta Financial Services Authority - MFSA) has already warned about the activities of the Bitcoin Revolution platform. The MFSA has advised consumers not to invest via the platform as it may include a cryptocurrency fraud within a ‘get-rich-quick' scheme.

For more information see the MFSA warning at https://www.mfsa.mt/news-item/mfsa-warning-bitcoin-revolution-2/.

Národná banka Slovenska warns the public that investment in cryptoassets is not subject to supervision by NBS, and urges consumers to be cautious.

NBS has previously issued a warning about cryptoassets, advising consumers that participation in such schemes is at participants' own risk and their money is not protected in any way. For more information see the NBS warning at https://www.nbs.sk/en/press/all-press-releases/press-release/_narodna-banka-slovenska-s-warning-to-the-public-on-bitcoin.

NBS continues to warn consumers interested in investing in the financial market to consider carefully before concluding a contract with a financial services provider and to check the provider against the list of authorised providers listed on the NBS website.

NBS also recommends consumers to give thorough consideration to all risks and aspects of any potential investment, including investment in cryptoassets. Given the rising number of email scams, consumers should take due account of their own financial resources, investment preferences, and ability to bear potential losses. For more information on scams, see the NBS warning at: https://www.nbs.sk/en/press/all-press-releases/press-releases-common/press-release/_nbs-warning-what-is-a-scam-don-t-be-deceived

 


[1]  The link has been removed.