Belgium’s financial regulatory authority blacklists 28 sites for crypto-related frauds
Belgium’s Financial Services and Markets Authority (FSMA) today added 28 new sites to its crypto-related frauds blacklist, as it reiterates its warnings to consumers to stay alert and not be caught in the false claims made by fraudsters and swindlers.
The FSMA noted that despite its repeated request and warnings, the agency continues to receive reports about customers being swindled by fraudsters who are leaving no stone unturned to capitalize on the cryptocurrency hype.
The warning adds that scammers are canny enough to lure victims in with easy-seeming profits, but that at this point, “the only thing they actually do […] is take the customers’ money and disappear. It is as simple as that.”
FSMA has been trying really hard to come down on these types crypto-related frauds for quite some time and according to the agency, the latest list is not a comprehensive one, and has been largely as a result of victims’ report.
The agency also appealed to the public to come out with further information about any other crypto-related entities working 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.”
Not the only one to educate investors about crypto-related frauds
Belgium is not the only country to educate its investors about risks associated with cryptocurrency fraud.
In May, a government-led study in China outlined what it considered to be the key features of fraudulent digital currency profiles.
And in the U.S., the Securities and Exchange Commission (SEC) created a website to educate investors about fake initial coin offerings (ICOs).
The mock HoweyCoins.com lured investors with a “too good to be true investment opportunity” — using the very “red flags” the organization claimed to be present in the majority of fraudulent ICOs — and redirected those who attempted to purchase the ersatz tokens to an educationally-oriented page on the SEC’s own site.
Securities and Exchange Commission Launched a Fake ICO Website for Investor Education
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