Belgium’s Financial Services and Markets Authority (FSMA) has made a further replace to its blacklist of cryptocurrency-related web sites related to fraud.
On Oct. 29, Belgium’s monetary watchdog up to date its checklist of cryptocurrency buying and selling platforms for which it has detected indications of fraud, by including 9 new suspect websites, bringing the overall of suspected crypto scams to 131.
The monetary authority mentioned that it continued to obtain new complaints from customers who made crypto investments on these buying and selling platforms, including that cryptocurrency fraud continues to seek out new victims in Belgium, regardless of prior warnings.
The FSMA has issued earlier warnings to Belgian crypto traders to be cautious of firms that declare to carry authorizations from supervisory authorities, including:
“This is a very frequently used technique. However, these are often cases of identity theft. Feel free to ask the FSMA to confirm the information you have received.”
Many of the blacklisted crypto companies purportedly supply monetary companies with out complying with Belgian monetary laws. However, most of those crypto companies talked about within the checklist function exterior the jurisdiction of the FSMA, which makes it close to unimaginable for the company to legally cost them.
Although the FSMA can not cost the suspected web sites of fraud, an alert may nonetheless decrease the dangers for potential cryptocurrency traders.
The FSMA added that the blacklist is predicated solely on the findings of the authority and warns that it doesn’t embrace all the crypto firms that may be working illegally in Belgium.
Raising consciousness of dangers related to crypto funding
In June 2019, the Belgian monetary authority FPS Economy (FPS) launched an internet site to lift consciousness of the dangers related to cryptocurrency investments. Belgian traders reportedly misplaced about $2.5 million in crypto scams in 2019, which accounts for under 4% of general crypto fraud circumstances, with the overall losses estimated at $152 million.
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