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Belgian regulator's crypto blacklist counts 120 websites

Maya Mandz | Apr. 4, 2019
Belgian regulator's crypto blacklist counts 120 websites

April 4, 2019, | AtoZ Markets - Belgian FSMA, based on consumer complaints, has recently added seven websites to its warning list bringing the number of red-flagged web pages to 120. The Belgian regulator crypto blacklist grows. 

FSMA crusade against scammers continues

Every day all over the world, fraudsters in the financial industry invent more and more creative ways to get funds from investors. As a result, the Financial Services and Market Administration (FSMA) of Belgium periodically updates its alert list.  The financial regulator revealed, that in recent weeks they continued to receive new complaints from consumers who have invested in different cryptocurrency projects through seven trading platforms that the FSMA has flagged in its warning as a scam. 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

www.tribelylimited.com.

Belgian regulator crypto blacklist hits 120

After an update, the complete Belgian regulator crypto blacklist, which identifies cryptocurrency objects with signs of fraud, now includes 120 websites in total. According to the financial regulator’s statement, released today, the newly listed have been tagged on the basis of FSMA results, which are based on consumer reports. Because of this, the authority reminds consumers that their warning list does not include all companies that may illegally operate in the country’s crypto-space. The Belgian financial watchdog is one of many financial regulators, like Cypriot financial authority Cysec or British FCA, with its own lists of warnings.

FSMA explains how flagged firms work

In its statement, the Belgian financial regulator explained how the scammers lure investors into their fraudulent schemes. The statement says:

“The principle remains the same: they offer you investments that, in their opinion, are safe, simple and very profitable. They are trying to instill confidence by assuring you that you do not need to be an expert in cryptocurrency to invest in them. They argue that there are 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 You are told that your funds can be withdrawn at any time or that they are guaranteed.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 cannot get their money back! "

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