CONAR - the Brazilian National Council for Advertising Self-regulation – asked Investimento Bitcoin proof that it will fulfill its commitment as shown on its TV advertisement, in which it promises high return on bitcoin investment, to the extent of 1 to 2% revenue per day for 300 days.
Investimento Bitcoin did not file a defense to CONAR and CONAR requested the removal of such ad. Nevertheless, it is still possible to find videos on the company's official website with the promise of very high investment returns.
The company - which became famous for advertising on TV and for being recommended on popular Brazilian TV shows - has been accused by consumers of being a pyramid scheme with false promises. In addition, the company has also been investigated by CVM (the Brazilian Securities and Exchange Commission) for pyramid scheme (caused by its "multilevel marketing" structure) and fraud.
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