Belgium Crypto Exchange Users Get Warning From FSMA Investor Watchdog

Belgium’s Financial Services and Markets Authority (FSMA) Cautions Investors of their Choice of Crypto Platform

Cryptocurrency exchanges have become the main topic of debate in Belgium, as the country has seen an increase in the number of complaints regarding crypto investments.

According to Finance Magnates, Belgium’s Financial Services and Markets Authority (FSMA) has provided an update of a list of crypto exchanges that investors should watch out for, especially those that are not fully compliant with the Belgian law.

The nature of this warning is supposedly expected, as the European ministers are due for a meeting which will explore the different facets of cryptocurrencies, along with its strengths, weaknesses, opportunities and possible threats.

Based on the claims made by the FSMA, most complaints revolved around the lack of retrieval of one’s funds or lack of communication from a crypto firm who had obtained the funds. Unfortunately, investors who retort to platforms that are neither registered nor follow the Belgian law will not be given any protection of funds.

An important advice that the FSMA has given to investors involves the way in which funds are requested. That is, if a firm requests funds to be sent to a third-party or unknown account, then it is best to avoid their services, as most legitimate crypto exchanges require investors to send funds into their own accounts. In addition, to test whether a platform is legitimate, sending small transfer amounts would be ideal.

As for the crypto scammers that have made the FSMA list, some of the cryptocurrency exchanges, as per Finance Magnates, includes:

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