The Financial Services and Market Authority (FSMA) of Belgium recently released a list of cryptocurrency platforms indicating signs of fraud. As we speak, the list consists of up to 78 crypto platforms, including 28 platforms that were added this past Tuesday. Regardless of the warnings, the FSMA continues to receive complaints from consumers about these crypto companies.
This past Tuesday, Belgium’s Financial Services and Markets Authority (FSMA) announced that it has “updated its list of cryptocurrency trading platforms regarding which it has received questions/complaints from consumers and vis-à-vis which it has identified signs of fraud.” The FSMA went on to note “Despite its earlier warnings the FSMA continues to receive new complaints of consumers who have invested in cryptocurrencies through these trading platforms. Hence, the FSMA repeats its warning against the fraudsters behind those platforms who are using cryptocurrencies to swindle consumers.”
Currently, there are about 78 platforms on the list, which includes the 28 which the agency added on Tuesday. The agency has been keeping a list of crypto trading platforms showing signs of fraud in February. Fraudsters “try to attract customers online through fake cryptocurrencies and huge profits.” Also, the agency elaborated that “the only thing they actually do, however, is taking the customers’ money and disappear. It is as simple as that.” The agency went on to note “This list of cryptocurrency trading platforms is based solely on the findings of the FSMA, in particular as a result of consumers’ reports. As such, it does not include all the companies which might be operating unlawfully in Belgium in that sector.”
The 28 new platforms the ESMA warned about are 1st-cryptobank.com, bitc-international.com, boursebitcoin.com, ccg-investment.com, crownmanagers.com, crypto.bnd-group.com, crypto-access.com, cryptofrancecapital.com, cryptorama-bank.com, cryptos-marketplace.com, cryptowallet24.com, e-cryptoney.com, ecrypto-international.com, emarketstrade.com, executivecrypto.com, fair-oakscrypto.com, fast-coin.eu, globalmarkets-group.com, ldc-crypto-com, lgsinvestpartners.com, london-exchange.com, minedecrypto.com, mondial-investissement.com, placementcrypto.com, primecryptobank.com, truetrade-capital.com, vechain-wallet.com, and wallet-coins.com.
The agency states that many fraudulent platforms “claim to be active in the cryptocurrency trade.” Nonetheless, after investing in cryptocurrencies through these platforms, consumers either “never recover the funds invested,” or “they simply have heard nothing further from the company after investing their money.” Finally, the FSMA concluded their warning by adding that “some of these platforms also offer other financial products with cryptocurrencies as the underlying asset,” such as “savings accounts with supposedly guaranteed returns, servicing rights or derivative products such as CFDs.”