28 Cryptocurrency Sites Blacklisted By Belgian Financial Market Regulators
The Financial Services and Markets Authority (FSMA) of Belgium have published a new list of 28 websites that were reported as fraudulent by Belgium investors.
The incidents of fraudsters using cryptocurrencies to carry out their malicious activities is growing as fast as the crypto industry, and the Belgium Financial Services and Markets Authority (FSMA) is working to curb these incidents.
Belgian authorities have updated its web page titled WARNING AGAINST NEW CRYPTOCURRENCY TRADING PLATFORMS to include a fresh batch of 28 websites suspected or confirmed to be acting unlawfully.
Belgium’s FSMA bans 28 new fraudulent crypto websites
In a page updated on September 4, Belgium’s Financial Services and Markets Authority announced that it has added 28 new sites to its crypto related fraud blacklist, taking the tally to 78.
The FSMA also reiterates its warnings which it published earlier this year to consumers as it reports new cases of crypto-related frauds.
On February 22, 2018, the agency published the web pages to warn against fraudsters behind the platforms operated by malicious actors.
However, in its recent publication, the agency announced that it still receives complaints from individuals who have invested in cryptocurrencies through these trading platforms.
Belgium is not the only country to ban websites from operating in the country, recently Chinese authorities banned the websites of more than 124 offshore cryptocurrency exchange desks from operating in the country.
Belgium warns against exchange platforms
Cryptocurrencies and exchange platform have been growing at an incredible rate this year, with projects launched nearly every week.
Over the last couple of months, a large number of new platforms have emerged, offering the chance to invest in cryptocurrencies.
As the problem of crypto-related frauds raves on in Belgium with the number of victims growing substantially, the FSMA has warned the public again about these new platforms.
These scammers have adopted various methods of carrying out their activities, one recent method is the misuse of the names of well-known companies, where unsuspecting traders fall victim.
The agency noted that these fraudsters attract customers online through fake cryptocurrencies and deceiving websites to rake in huge profits.
Belgium’s FSMA noted that “the only thing they actually do, however, is take the customers’ money and disappear. It is as simple as that.”
According to the agency, these new platforms are often created and run by fraudsters who are now using cryptocurrencies to swindle consumers.
The list of blacklisted projects is not all comprehensive
As Belgium’s FSMA updates its list of banned cryptocurrency, it stated that the list of banned cryptocurrency trading platforms is based solely on the findings of the FSMA, in particular as a result of consumers’ reports.
According to the FSMA, the list does not include all the crypto related projects which are operating unlawfully in Belgium cryptocurrency sector.
The FSMA wrote on its official website:
“The agency notes that the updated list is not comprehensive, and has been assembled largely as the result of victims’ reports. The warning appeals to the public to come forth with further information about any other crypto-related entities operating unlawfully in Belgium. It also invites readers to consult its prior warning from February 2018, which includes a testimony from one victim of a fraudulent crypto platform that the agency describes as “particularly detailed and telling.”
The agency also advised trades who have doubts any trading platform or crypto related project to contact the FSMA directly via the consumer contact form on its website.
The blacklisted websites are: