Belgium’s Financial Regulator Adds 7 Websites to Its Crypto Fraud List

Francisco Memoria

Belgium’s financial regulator, the Belgian Financial Services and Markets Authority (FSMA), has recently added seven new websites to its cryptocurrency fraud alert list, which to date already has 120 websites in it.

The addition, first spotted by The Next Web, notes the FSMA has kept on receiving complaints from users who’ve purportedly invested in cryptocurrencies through these platforms. According to the regulator, these often act in a similar way, contacting victims to try to get them to make “secure, easy and very lucrative” investments in the crypto market.

Per the FSMA, the scammers try to inspire users to assure them they don’t need to be cryptocurrency experts to invest in the crypto space, and claim specialists will manage their investments to help them make a profit.

The regulator’s warning reads:

They claim to have specialists who will manage your investments for you. You are told that your funds can be withdrawn at any time or that they are guaranteed,” the regulator’s node adds. “In the end, the result is always the same: the victims find themselves unable to recover their money!

The financial regulator has been warning potential victims for months, and has been updating its cryptocurrency fraud warning list for months. The list was created back in February of last year, when the crypto market was close to its all-time high.

At the end of its list, the FSMA notes it was created based on its findings alone, and as such “does not include all the companies which might be operating unlawfully in Belgium in that sector.” It adds users shouldn’t hesitate to contact it in case they have any doubts.