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 You are told that your funds can be withdrawn at any time […] In the end, the result is always the same: the victims find themselves unable to recover their money!”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.
South Africa Doesn’t Intend On Banning Crypto Trading
Crypto Exchanges In Bulgaria Are Investigated: Government Asks For 10% On Profits
Accounts Of The First Digital Bank In India Closed After Involving In Crypto-Related Activity
“I've been a user of DBS' Digibank for a year. Although I regularly used Kotak Mahindra Bank for my cryptocurrency transactions, I used Digibank only 7 times throughout the year. On January 14th, I received multiple messages from my twitter [sic] followers regarding an account closure notice by Digibank. I checked my mailbox and found the mail myself.”However, Digibank stated:
“Reserve Bank of India through their public notices have warned/advised the public regarding risks associated with virtual currencies. We reiterated the same vide our emails dated 4th May 2018 and 2nd Aug 2019, cautioning our account holders [against] the risks associated [...] and that DBS accounts and debit cards should not be used for their purchase or any kind of dealings.”Many other users responded to the allegations that not only Digibank but many other banks are doing the same as well.
BitMex Pulls The Plug On Trading Accounts In Quebec And The US
‘’The development comes at the same time as the Hong Kong-based company notifying users in North Korea, Iran, Syria, Cuba, Sudan and Sevastopol in the Crimea since the fourth quarter of 2018 against holding positions or trading on BitMEX, as these are restricted jurisdictions.’’It seems like BitMex only wants to cover its back and provide protection for their users against regulatory crackdowns. However, the exchange decided to pull the plug on the trading accounts after the Canadian regulatory body has announced the BitMex is operating illegally in Canada:
‘’BitMEX is not registered with the AMF and is therefore not authorized to have activities in the province of Quebec. We informed this company that its activities were illegal.’’There is still no explanation why the exchange decided to shut down the trading accounts in the US. Many believe that the exchange does so because of the same strict crypto regulations. We are still expecting a comment from BitMex since it seems like there is almost a billion dollars worth of crypto still on the platform.
Join us on Facebook
- Binance Plans To Expand To Eight New Countries But Declines To Confirm Six Of Them
- Deloitte Features Blockchain In Its Annual Tech Trends Report
- Crypto Payments Platform CoinGate Begins Its Lighting Network Trial With Litecoin (LTC)
- The $400bn Tencent And Its Plans To Acquire Two Major Bitcoin Exchanges
- Bitcoin Could Soon Fall To $2,400 And Wall Street Could Buy The Dip
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Ethereum News4 days ago
Coinbase And Kraken Officially Supporting ETH’s Constantinople Hard Fork
Altcoin News4 days ago
Major Swiss Bank Launches A Crypto Custody Solution Targeting Banks & Asset Managers
Bitcoin Scams4 days ago
New Torrent Malware Posing As Movie File Can Replace BTC & ETH Addresses: Researcher
Altcoin News2 days ago
Market Sees Red, Losing $1 Billion Overnight While Bitcoin Remains At $3,600
Bitcoin News4 days ago
American Businessman Still Missing After $950,000 In BTC Ransom Paid
Altcoin News2 days ago
Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation
Blockchain News4 days ago
The Revenue Agency Of Bulgaria Will Investigate Crypto-Selling Companies
Blockchain News1 day ago
$1 Billion In Transactions Reported For 2018 By BitPay