Belgium Financial Regulator Blacklists 120 Fake Crypto-Related Websites

Belgium’s Financial Services and Markets Authority (FSMA) has shown a new warning in its recent updates related to cryptocurrency trading platforms. The new updated list of 120 websites is announced through an official website on April 4, 2019.

The authorities also indicated that:

The updated list of cryptocurrency trading platforms does not include all the companies involved in the cryptocurrency trading domain and probably a few others are operating in an unauthorized way by circumventing the rules in Belgium. The overseers also well-versed to the public about contacting the FSMA, if they have any doubts on any establishments concerning the digital asset fraud.

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Last year in December 2018, the FSMA published 113 sham websites and notified the threats which people could face due to bad actors and scams which made big promises and planning to use the money of unwise crypto followers. 

The number of scam websites, however, has been reached to now 120, as per the information released on the FSMA website by the regulators.

The Belgium watchdogs are constantly taking strict measures to stop the fraud and crimes happening in the country while frequently keep on notifying the general public to become cautious before investing through any trading platforms who are making big and false promises. The announcement also reveals that from the past recent weeks, the FSMA received many new complaints by the consumers who invested in crypto assets and doubting to get coned and scammed by various crypto trading platforms. These frauds are like last year when Belgian investors reported to financial authority FPS Economy (FPS) about the losses of around $2.5 million in crypto swindles during 2017, which is according to the administrators it’s just the “tip of the iceberg” and they estimated only four percent have come to notice out of total evaluated losses approx.… $152 million.

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As a warning, the overseers updated the list again which is grounded on the findings of the officials and users reports, and announced publicly so that Belgium residents could become alert and take wise decisions while investing in any schemes which look secure, easy, and incredibly lucrative related to cryptocurrency.

Considering the increasing frauds in the country, the Belgian authorities, similarly taken a step and launched an awareness website related to investment risk associated with digital assets in June 2018.

The technology is new and the knowledge is limited. However, in this jittery environment, the crypto followers are still increasing and so the frauds are also collectively growing. At this point in time when the populaces are trying to adopt the new digital money, it is at the same time is their responsibility to avoid the associated risk which is involved in the digital assets investment by keeping a check on the scammers and educating themselves accordingly.

Image by Vojtěch Kučera from Pixabay

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