Sometime this week, the Financial Services and Market Authority has renewed the list of websites it believes are cryptocurrency trading platforms indicating signs of fraud. Up to 21 websites have been included to the current list, leaving the list with a total of 99 blacklisted sites.
Last Friday (October 29th), the Belgian Financial Services and Market Authority (FSMA) made two crypto-related announcements. Also, the FSMA did not just warn about cryptocurrency fraud but in addition disclosing that “It has also updated the list of cryptocurrency trading platforms for which it has detected indications of fraud, adding 21 new suspect sites. This list now comprises a total of 99 websites.”
The regulator went on to detail that “this list is based solely on observations made by the FSMA on the basis of reports received from consumers. It, therefore, does not include all players that may be unlawfully active in this sector.”
The list of 21 new sites being added is as follows: afaeu.com, bk-coin.com, capital-traders.com, cryptoallday.com, cryptonetto.com, cryptosafe.tech, dca-finance.com, elos-patrimoine.com, finances-markets.com, iminage.com, investissement-crypto.com, kryptonexlabs.com, kryptowize.com, london-exchange.net, lacentraledescryptomonnaies.com, parel-invest.com, positiva-ad.com, save-coins.com, tradabank.com, trade-my-bitcoin.net, and vip-brokers.com.
Additionally, the agency went on to stress that “there is no current supervision of online platforms active in the cryptocurrency sector.”
As part of warning against cryptocurrency fraud, the FSMA stated that the form of fraud varies such as involving “the purchase of cryptocurrencies, savings accounts based on cryptocurrencies, management agreements, ICOs, etc.” Also adding “In spite of prior warnings by the FSMA, cryptocurrency fraud continues to trap ever more victims in Belgium.”
The agency asserted that these fraudulent schemes make similar promises. They often involve “a very high rate of return,” the ease of withdrawing money, and “the funds deposited are guaranteed (often at 100%), which means that even if the market collapses, you will recover at least your initial investment, which makes this a very safe type of investment,” the regulator wrote.
“All these promises are worthless, however: if an offer is fraudulent, the promises that accompany it are equally so.”
Back in March, a news outlet called the Brussels Times reported that Belgian tax authorities had begun hunting for cryptocurrency investors.
“Anyone speculating on the cryptocurrency market must pay a tax of 33% on gains made, and declare these within the section ‘miscellaneous income’ on their tax return,” the publication detailed.
However, the tax authorities are facing challenges since “the management of cryptocurrency assets happens through impenetrable foreign trading platforms,” the publication finally stated.