The Belgian Financial Services and Markets Authority updated their fraud blacklist where new 113 sites were added. In the latest crypto regulation news, the authority body states that despite the warnings, investors continued to complain.
All of the newly added platforms are ‘’led by fraudsters’’ who use cryptocurrencies in order scam consumers. The FSMA noted:
“The principle remains the same: they offer you an investment they claim is secure, easy and very lucrative […] They claim to have specialists who will manage your investments for you. You are told that your funds can be withdrawn at any time […] In the end, the result is always the same: the victims find themselves unable to recover their money!”
According to the agency, the updated list is still not comprehensive and was created due to the victims’ reports. The public was warned for about the doubts and other suspect crypto-related entities that were operating unlawfully in Belgium.
The FSMA advises the crypto users to consult before investing so they can better understand the nature of the crypto funds. The agency even included 28 fraudulent sites back in September.
Belgium’s watchdog is a member of the global regulators and government agencies that are trying to protect the investors by providing them with a quality education.
Back in May, a government conducted a study in China detected more than 400 fake cryptocurrencies. Also, in the early spring, the United States Securities and Exchange Commission created a website that offered fake ICO services that lured visitors because of easy opportunity. The mock website had a hyperlink that led the people who checked out the website to an educational-oriented page.
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