Belgium FSMA Exposes Crypto Firm's Claimed Ties to Bernard Arnault

Belgium’s financial watchdog, the Financial Services and Markets Authority ‎‎(FSMA), said today that it continues to receive complaints from consumers who have invested in Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. The regulator has recently exposed the unauthorized activities of a Belgian crypto trading company called Abesix Belgique.

Interestingly, a report published by Belgian business newspaper De Tijd claimed last month that Abesix was co-founded by Bernard Arnault, the owner of Louis Vuitton and the world’s third-richest man. It also mentioned that Emmanuel Wouters, a young entrepreneur from Brussels, was also connected to the development of Abesix.

However, the deed of incorporation of Abesix proves to be false, as it turns out that Arnault is neither a founder nor a partner of Abesix. Subsequently, after the publication of the article, De Tijd posted an update that the 70-year-old businessman has formally denied the allegations. Moreover, Wouters is in no way involved in the establishment and the activities of Abesix.

Abesix is reportedly trading in six major cryptocurrencies – Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ether (ETH), Litecoin (LTC), and XRP. Apart from trading crypto, the company promotes its offering as an online financial planner.

FSMA turns eyes to cryptos

The investor alert represents the FSMA‎’s latest effort to police the rampant internet-based ‎cryptocurrency schemes, which operate into a zone that the ‎watchdog regulates.

To get the protections offered by securities laws when trading digital assets, investors should ‎use a platform or entity registered with the FSMA, the regulator said.

“As ABESIX is allegedly also offering virtual currencies, the FSMA emphasizes that, at present, there is no financial supervision or oversight on virtual money. For that reason, and because such products are risky, both the FSMA and the NBB advise – and have been doing so since 2014 – taking extra care with them (https://www.fsma.be/en/news/be-careful-virtual-money-such-bitcoin),” the regulator said.

Recently, the watchdog turned eyes to crypto firm and has therefore updated its warning list with multiple ‎cryptocurrency platforms that are offering investments in the country without ‎complying with Belgian financial legislation.‎