Belgium’s FSMA Updates Its Cryptocurrency Scammer Blacklist Rolodex For The Sixth Time
Belgium's FSMA Has Updated Its Cryptocurrency Blacklist For The Sixth Time
The cryptocurrency world has never been without some kind of scam in a large quantity and variations. According to a recently published report by the Belgian Financial Services and Markets Authority, otherwise known as the FSMA, there are a new series of crypto-based scams which have entered the ecosystem.
With these scams, they include a vast number of duplicitous websites that do little to inspire confidence from otherwise unfamiliar investors and risk-averse newcomers. In total, this ‘blacklist' of blockchain currently consists of more than 110 domain names and websites.
The FSMA, far from just listing and forgetting, has issued investors in the country with a special warning. They have since urged them to ensure that there is a wide birth between themselves and those scams masquerading as companies behind companies like the following:
One thing that is certain from the cryptocurrency world is that scams and phony companies will emerge in increasing quantity and threat to individual and business cybersecurity. But with these increasing risks, the amount of awareness and advisories on what red flags to look out for an increase as well.
“The principle remains the same: they offer you an investment they claim is secure, easy and very lucrative,” FSMA warns. “They try to inspire confidence by assuring you that you don’t need to be an expert in cryptocurrencies in order to invest in them.”
The organization has raised a staunch warning to investors, and it's hoped that this will prevent otherwise hapless newcomers and overly bullish veteran investors from buying into a bad business.
“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 You are told that your funds can be withdrawn at any time or that they are guaranteed. In the end, the result is always the same: the victims find themselves unable to recover their money!”
This signifies the sixth addition to the cryptocurrency blacklist for the Belgian regulatory authority, demonstrating that the list is only going to grow as opposed to shrinking anytime soon. The Belgian government have otherwise been relatively moderate on the subject of crypto trading, only showing a firm hand in ensuring that members of the public think before acting rashly when selecting a digital asset to invest in.
For those interested in finding out just how many scams are out there, you can find the organization's full list right here. Even for those that aren't exactly local to Belgium, it's still important to visit the site in case you know someone that has discussed one of these sites.