CONAR - the Brazilian National Council for Advertising Self-regulation – asked Investimento Bitcoin proof of its commitment in its TV ad, in which it promises of high return on investment on bitcoin, 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 advertisement. Nevertheless, it is still possible to find videos on the company’s official website with the promised 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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