Belgian Government Releases Warning About Cryptocurrency Fraud

Belgium’s main financial regulator has issued another warning about cryptocurrency fraud.

The Financial Services and Market Authority (FSMA) declared that “cryptocurrencies are the hype of the year” in a declaration published on Monday. The FSMA is an open institution that directs the Belgian financial division close by the National Bank of Belgium (NBB).

The regulator said in its note that would-be investors should be careful with would-be fraudsters who are selling the possibility of huge benefits through crypto-sales that eventually end up being invented.
The FSMA wrote:

“Fraudsters are well aware of that and try to attract customers online through fake cryptocurrencies and huge profits. The only thing they actually do, however, is taking the customers’ money and disappear. It is as simple as that.”

Authorities included a list of 28 trading platform that they have said is false in nature, and the organization said that it issued the update “based solely on the findings of the FSMA, in particular as a result of consumers’ reports.”

In February, FSMA issued its first cautioning on crypto scams, battling that individuals who trust suspicious-looking sites with their money “never recover the funds invested” or “simply have heard nothing further from the company with which they invested their money.”