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.

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