Bitcoin Revolution and celebrity ads: why BaFin warns about these trading apps

The information provided in this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high degree of risk. Always conduct your own research.In 2021, BaFin ordered Bitcoin Revolution to stop its unauthorised portfolio management, and Germany's consumer advice centre says the celebrity advertising is fake. This is how the scheme with a €250 entry works and how to check a platform before you transfer money.After sign-up, a supposed account manager calls.Add as a preferred source on GoogleFollow on Google NewsBitcoin Revolution is an online trading platform that has been promoted for years with supposed endorsements from celebrities. In a decision dated December 16, 2021, Germany's financial regulator BaFin ordered the operator of the German-language site to stop immediately the financial portfolio management it was providing without authorisation. According to BaFin, the platform holds no licence from the regulator. Behind the advertising lies a pattern that consumer advocates have described for years: fake videos featuring well-known faces, a minimum deposit of €250, calls from supposed account managers, and account b...