Belgian Government launches website to warn about Crypto Scams 12384
News
Roshni Vayyapuri
Jun 6, 2018 at 11:28 AM

The government of Belgium is supporting a website that is developed to warn cryptocurrency investors about the potential signs of frauds.

The site is called "Too Good to Be True." Belgian Federal Public Service Economy and the Financial Services and Markets Authority is partially handling the website.

They are citing the harmful side of tokens including all the illegitimate purposes such as “scams, drug trafficking, terrorism or any other criminal activity. Since tokens are easy to develop, it can be used for various illegal activities”.

The site also warns about the possible signs of potential fraud activities related to crypto space. It also advises that anyone considering funding a token sale should research the people behind a project, avoid sharing any personal information, ask for clear information about the project and be careful if a project promises large returns.

The website stated,"Collision with crypto coins can take different forms. Scammers try to trap consumers in different ways. Be extra cautious when paying online with cryptocurrencies, when investing in sports betting with crypto coins and with platforms for investments in crypto coins."

Website checker is included on the home page of the website. The inbuilt website checker claims to identify if a website is fraud or genuine. The website also states that developers "are not responsible for any errors in the system."

The crypto organization or the company should have a license to operate in the Belgian financial markets. The website service also states that company without a license will not be mentioned in the database of the website.

 

Image via Shutterstock

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