Belgian Financial Watchdog Adds 14 Crypto Platforms to Scam Blacklist

Belgian Financial Watchdog Adds 14 Crypto Platforms to Scam Blacklist

Belgium’s Financial Services and Markets Authority (FSMA) has updated its crypto-related fraud blacklist to include another 14 dodgy domains. The fresh investor alert, issued on Tuesday, brings the total number of scam platform operators to 113.

The recently identified websites are:

This marks the sixth time the FSMA has updated its cryptocurrency blacklist since the initial February warning, which included “a particularly detailed and telling testimony by a victim of such a platform.” Most recently, the agency revealedanother 70 fraudulent offerings.

Despite its prior warnings, the FSMA continues to receive complaints from conned investors, the watchdog said in its latest post. Seeking to boost awareness, the regulator once again described what red flags to look out for when trading cryptocurrencies:

“The principle remains the same: they offer you an investment they claim is secure, easy and very lucrative. They try to inspire confidence by assuring you that you don’t need to be an expert in cryptocurrencies in order to invest in them. They claim to have specialists who will manage your investments for you. You are told that your funds can be withdrawn at any time or that they are guaranteed. In the end, the result is always the same: the victims find themselves unable to recover their money!”

The FSMA appealed to the public to come forth with any information about other shady entities, noting that the crypto blacklist is not comprehensive despite the updates.

Belgium is not the only nation seeking to educate investors and protect them from cryptocurrency fraud. Earlier this year, France also started compiling a blacklist of crooked players in the field. Across the ocean, the US Securities and Exchange Commission (SEC) set up in May a website for fake initial coin offerings (ICOs), highlighting the most common red flags it had identified in the majority of fraudulent issues. That same month, Chinese authorities investigated the local cryptocurrency market and found 421 allegedly fake coins.

Source: https://cryptovest.com/news/belgian-financial-watchdog-adds-14-crypto-platforms-to-scam-blacklist/