Belgian regulator continues to receive complaints about cryptocurrency fraud

Maria Nikolova

The FSMA has updated its list of cryptocurrency trading platforms suspected of fraud. This list now includes 141 websites.

Belgium’s Financial Services and Markets Authority (FSMA) keeps getting complaints about fraudulent cryptocurrency schemes, the regulator said in an announcement issued today.

During the last weeks, the FSMA continued to receive new complaints from consumers who had responded to fraudulent offers of investment in cryptocurrencies. The cryptocurrency fraud continues making victims in Belgium. Hence, the FSMA reiterates its warning against the fraudsters who are using cryptocurrencies to swindle consumers.

The FSMA has also updated its list of cryptocurrency trading platforms for which it has identified signs of fraud. This list now includes a total of 141 websites.

The list of recently identified websites includes:

  • www.man-investments.com
  • www.mgclogic.com
  • www.mycoin-banking.com

Belgium’s FSMA started compiling its “black list” of cryptocurrency websites in February 2018. The regulator says that all such entities use the same ruse: they claim to offer the best (or one of the best) trading platform(s), enabling both beginners and professionals to trade in cryptocurrencies in a matter of seconds and with full confidence. Also, some of these platforms offer other financial products with cryptocurrencies as their underlying: savings accounts with supposedly guaranteed returns, servicing rights or derivative products such as CFDs.

These entities claim to have specialists who will manage investors’ investments. In the end, the result is always the same: the victims find themselves unable to recover their money.

Read this next

Digital Assets

Revolut receives FCA’s go-ahead to launch crypto trading

British fintech and banking firm Revolut has received a regulatory go-ahead to launch its cryptocurrency services in the UK.

Digital Assets

GBTC share is trading at 36% below bitcoin spot price

Grayscale Bitcoin Trust share has widened its discount relative to the underlying cryptocurrency held in the fund, the highest margin ever since its debut in 2013. Digital Currency Group’s flagship GBTC shares traded at a discount of 35.8% to net asset value (NAV) today.

Digital Assets

Crypto lender Nexo investigated by 8 US state regulators

State securities regulators in New York, California, Kentucky, Maryland, Oklahoma, South Carolina, Washington and Vermont are investigating crypto lender Nexo for allegedly failing to register its Earn Interest Product.

Metaverse Gaming NFT

Astar Network’s ad features 329 top brands to support Web3 in Japan

Blockchain innovation hub Astar Network is making strides in promoting the Web3 adoption worldwide. In yet another milestone, the smart contracts platform has run a national newspaper ad in Japan that set a new global record with participation from 329 blue-chip firms.

Digital Assets

Pyth Network welcomes onchain data from crypto market maker Auros

“By sharing our high-frequency trading data with a truly onchain decentralized network, we aim to foster innovation that will lead to better financial solutions for all participants.”

Digital Assets

Tokeny integrates Ownera to boost liquidity of tokenized assets

“The adoption of FinP2P will result in higher liquidity and better access to capital and assets by providing regulated firms with one secure point of connection to multiple digital asset networks across the globe.”

Digital Assets

BingX launches subsidy vouchers to cover user losses in copy trading

“With the introduction of copy trade subsidy vouchers, new users can easily try out trading strategies without incurring losses.”

Digital Assets

Talos expands sales team: Frank van Zegveld, Matt Houston, Hillary Conley

“The extensive leadership and industry expertise of these new hires will enable us to build long-lasting relationships as we continue to build out our global presence in EMEA and beyond.”

Executive Moves

FX and CFD broker Emporium Capital hires industry veteran Robert Woolfe as COO

His past experience within the FX and CFD industry includes top roles at Capital Index, London Capital Group, GKFX, ETX Capital, and IG.  “I’m delighted to be part of the Emporium Capital team and spearheading the brokerages global expansion plans”, he said about the appointment.

<