In a fresh alert posted Dec. 18, Belgium’s Financial Services and Markets Authority (FSMA) has included a new total of 113 sites in its updated crypto-related fraud blacklist.
The authority states that it continues to receive complaints from defrauded investors despite warnings. FSMA reiterated that the new platforms are run by fraudsters who are swindling consumers using cryptocurrencies. They have also stated the fraudulents’ strategy and principles to swindle the consumers, first, they offer you an investment they claim is secure, easy and very lucrative. Afterwards, they claim to have many such specialists who will manage your investments for you. You are also told that your funds can be withdrawn at any time and in the end, the victims find themselves unable to recover their money.
The agency notes that the updated list of fraudulent sites is not comprehensive, and has been collectively displayed in particular based on the complaint reports of the victims. The warning also appeals to the public to come forth with any doubts or suspicions about other possibly crypto-related entities operating unlawfully in Belgium.
The readers are also advised by the FSMA, to consult its prior warnings dated February 22, 2018, and October 26, 2018, and to understand the nature of such frauds. The FSMA apparently had included a new swathe of 28 fraudulent sites this September.
The government agencies and Belgium’s FSMA joins global regulators in trying to protect investors through education. A Chinese government-led study detected 421 fake cryptocurrencies in May, isolating the three key features of fraudulent digital currency profiles.
The United States Securities and Exchange Commission (SEC) created a website this spring for a fake initial coin offering (ICO) that lured visitors with a with a good opportunity in investment. The mock website was immediately noticed and the majority of fraudulent ICOs were claimed to be identified by them.
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