Belgium’s FSMA Crypto Warning List Hits 120 Websites

The week might almost be over, but scams within the financial industry never sleep. This Thursday the Financial Services and Markets Authority (FSMA) of Belgium has updated its warning list.

According to the statement from the regulator, in the past weeks, it has continued to receive new 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 through the seven trading platforms, which the FSMA has flagged in its warning.

The websites, which belong to the entities which Belgian residents have complained about are www.bearsmarkets.com, www.btckingdom.com, www.directco-invest.com, www.maisonducoins.net, www.novoplacement.com, www.ripae-homine.com and www.tribelylimited.com.

FSMA Warning List Reaches 120 Suspected Scams

With the new additions, the complete warning list of the FSMA which identifies cryptocurrency entities that have signs of fraud now includes a total of 120 websites. Unfortunately, this is just a glimpse into cryptocurrency scams, as the Belgian watchdog is one out of many financial regulators with their own warning lists.

“The principle remains the same: they offer you an investment they claim is secure, easy and very lucrative. They try to inspire confidence by assuring you that you don’t need to be an expert in cryptocurrencies in order to invest in them,” the statement from the regulator said.

“They claim to have specialists who will manage your investments for you. You are told that your funds can be withdrawn at any time or that they are guaranteed. In the end, the result is always the same: the victims find themselves unable to recover their money!”

The websites listed today have been flagged based solely on the findings of the FSMA, which are mostly the result of consumers’ reports, the statement released today said. Because of this, the watchdog reminds consumers that its warning list does not include all the companies that might be operating in the country unlawfully in the crypto space.