Belgium regulator blacklists FXP360, Appex Finance, and Wise-Markets

abdelaziz Fathi

Belgium’s financial watchdog, the Financial Services and Markets Authority ‎‎(FSMA), has issued a warning against the unauthorized activities of multiple ‎ platforms that are offering investments in the country without ‎complying with Belgian financial legislation.‎

The FSMA notes that several fraudulent trading platforms offer to their customers affiliate programs that exhibit signs of a pyramid scheme.

FSMA operates as a watchdog for financial trading, securities and markets in Belgium, overseeing a variety of assets and compliance issues for traders and consumers. Today’s warning is the latest initiative in its efforts to clamp down on companies engaging in fraudulent activities.

“These trading platforms try to arouse consumers’ curiosity by placing scam ads on social media or online video platforms. In these fake ads, a (well-known) person often explains how to get rich quick. Trading platforms also sometimes use mobile applications to lure victims,” it said.

The agency also managed to catch up in the last few months, bringing standalone actions against cryptocurrency operators. This represents the FSMA‎’s latest effort to police the rampant internet-based ‎cryptocurrency schemes, which operate into a zone that the ‎watchdog regulates.

The latest additions include:

  • 7solutions (https://7solutions.uk/);
  • AES (www.aestotal.com);
  • Appex Finance (https://appexfinance.com/; https://appex-finance.com/);
  • ARP Trade (http://arptrade.com/);
  • Audemars Group (https://audemarsgroup.com/);
  • Bitbinx (http://bitbinx.net/);
  • Bitgetinvest (https://www.bitsgetinvest.com/);
  • Cap Traders (https://cap-traders.com);
  • Capital B Market (https://capitalbmarket.com/);
  • Coinex.la (cloned firm ; https://coinex.la/);
  • CorsairControl (https://corsaircontrol.pro/);
  • Cryptomerge (https://cryptomerge.com/);
  • Dax-Financial (https://www.dax-financial.com/, https://dax-financial.de/);
  • DBG Investment (cloned firm; https://www.dbginvestment.org/);
  • Direct Stock (https://direct-stock.com/);
  • ECTraders / ECdgTraders (https://www.ectraders.com/);
  • Elbitrader (https://www.elbitrader.com/; https://elbi-trader.com/)
  • Emarket-24 (https://emarket-24.com/);
  • EMG Prime (https://emgprime.com/);
  • E-Secure.io (https://e-secure.io/; https://e-secure.app/);
  • ETHprofits (http://ethprofits.com/);
  • Extonglobal (https://www.extonglobal.com/);
  • Financewise (www.financewise.cc);
  • FortunaInvest (cloned firm ; https://fortuna-invest.com/);
  • FuturBTC (https://www.futurbtc.com/);
  • FXP360 (http://www.fxp360.com/);
  • Gastrade (https://gastrade.co/; https://gastrade.company/);
  • Gateway Capital CG/Capital Gateway CG (https://gatewaycapitalcg.com/; https://capital-gatewaycg.com/);
  • Global ICM (cloned firm; http://icm-global.com/; global-icm.com; glbl-icm.com);
  • Global Mining Hub (https://www.globalmininghub.com);
  • Invox Trade (https://invox.trade);
  • KTXENR (https://web.ktxenr.com/; https://web.ktxenr.net/);
  • LPL Financing (cloned firm)
  • MetaSwissX (https://www.metaswissx.net/);
  • NFG Finance (https://www.nfgfinance.com/);
  • Obcai (https://obcai.cc/; http://www.obcai.com/);
  • Omers Finance (cloned firm, https://omersfinance.ltd/);
  • Quaero Capital (https://quaerocapital.pro/);
  • Quantia (https://quantia.cc/)
  • Safity (http://safity.pro/; https://www.privat.bet/index.html);
  • SSC Investment (www.sscinvestment.com);
  • Tangent Capital (https://tangent-capital.pro/);
  • Terallix (www.Terallix.com);
  • Terrarobo (https://www.terrarobo.pro/);
  • Tools4deals (https://tools4deals.com/; http://tools-4deals.com/);
  • Topeu (https://topeu.net/, www.topeu.com);
  • Traderup (https://www.traderup.com/);
  • Tradespeck (www.tradespeck.com);
  • Truemarket Trading (https://truemarket-trading.com/);
  • Trustbit (https://www.trustbit.trade/);
  • Trustly (cloned firm; http://www.trustly.io/; https://trustly.pro/);
  • Wise-Markets (https://wise-markets.com/);
  • Wisevests (https://wisevests.com/fr/home-fr/).

The aforementioned companies are not authorized investment firms in Belgium. They are therefore not allowed to provide investment services in or from within the country.

Some of these are cloned firms, a common type of fraud in which a firm usurps the identity of an existing authorized entity in order to give the appearance of trustworthiness or legitimacy, thereby convincing investors of its legitimacy.

The Belgium watchdog defines boiler rooms as a type of fraud that involves contacting customers unsolicited, often by telephone, offering to sell them little-known shares or exotic financial products. Although the boiler rooms often claim to be authorized service providers with professional websites and forms to fill out, they are in reality swindlers that offer fictitious or worthless shares or products.

Based on this, the FSMA strongly advises against responding to any offers of financial or recovery services made by the companies listed above and against transferring money to any account number they might mention.

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.

  • Read this next

    Digital Assets

    Bitcoin breaks all records with a massive $1.347 billion transaction

    This transaction has surpassed previous records, setting a new benchmark for Bitcoin trades. Before this event, the largest Bitcoin transactions included a $1.1 billion trade in April 2020 involving 161,500 BTC, and other significant transactions ranging from $491 million to $1.033 billion throughout 2019 and 2020.

    Digital Assets

    Uniswap debuts Ethereum ‘uni.eth’ subdomains

    Decentralized exchange platform Uniswap has integrated Ethereum Name Service (ENS), allowing users to create human-readable domain names and cryptocurrency wallet addresses using .eth endings.

    Web3

    Magic Square Expands with TruePNL Acquisition

    Binance’s web3 app store, Magic Square, acquired token platform TruePNL in a cash deal this week for an undisclosed sum. The deal brings TruePNL’s infrastructure (excluding branding & token) under Magic Square’s wing. Initially seeking a partnership, Magic Square opted for a full acquisition.

    Crypto Insider

    The Future of Prediction Markets? Zeitgeist Launches Decentralized Court System

    Polkadot-powered prediction market protocol Zeitgeist has announced the launch of its latest innovation: a decentralized court system.

    Digital Assets

    Crypto exchange Kraken fires back at SEC lawsuit, claiming overreach

    Crypto exchange Kraken is pushing back against the U.S. Securities and Exchange Commission (SEC), seeking to toss out a lawsuit that accused the platform of operating without proper registration.

    Industry News

    Exness Named a Best Place to Work in 2024

     Global leader Exness, tops in retail trading volume, earns 2024 “Best Place to Work” award, cementing its employee-centric culture after three prior years of winning the Cyprus national title.

    Digital Assets

    Swan Bitcoin taps Bakkt for crypto offering in the US

    “We are thrilled to be taking this exciting step forward in our partnership with Swan. This is just the beginning of our collaboration, as we intend to explore further growth opportunities together in the future, including expansion into international markets.”

    Digital Assets

    Polkadot Awards Bifrost a 500,000 DOT Loan to Enhance Liquid Staking Adoption

    Bifrost, a leader in liquid staking solutions, has secured a 500,000 DOT loan from Polkadot’s treasury to expand the reach and utility of its vDOT product within the ecosystem.

    Digital Assets

    FTX cleared to sell $1 billion stake in AI outfit Anthropic

    A Delaware bankruptcy court just approved a plan allowing the now-defunct FTX and its creditors to offload the exchange’s $1 billion stake in AI outfit Anthropic.

    <