Financial Regulatory Agency in Belgium Blacklists 120 Crypto Scam Websites

Belgium’s regulatory watchdog, the Financial Services and Markets Authority (FSMA) decided to update its crypto-website blacklist. In a recent statement released by the regulatory agency, they have added a few websites to the list that now has 120 sites.

Belgium Blacklists 120 Crypto-Related Sites

The regulatory agency has previously updated the list of crypto scams back in December 2018, but it seems that they want to keep it updated at all times. The FSMA has added a few new crypto trading platforms that could be closely linked to fraudulent activities.

The financial authority explained that there were several consumers complaining after they have invested in virtual currencies or in these trading platforms. Additionally, some of them said that some of these sites were conducting fraudulent activities in Belgium.

The statement released by the local watchdog explains that the list does not include all the illegal companies operating in the country. It instead provides a list of some of the most popular sites that are involved in illegal activities and that work so as to steal users’ funds in an easy way. The sites that the agency gathered have been provided by users that reported them.

The financial authority of the country, the FPS, released a website in which they raise awareness of the risks associated with cryptocurrency investment. The FPS explains that Belgum investors lost over $2.5 million in cryptocurrency scams just in 2017, the year in which Bicoin (BTC) reached its all-time high in the market. The total losses are estimated at around $152 million.

The U.S. Securities and Exchange Commission (SEC) has recently launched new guidelines for Initial Coin Offerings (ICOs) to follow to understand whether they are launching securities or not. The main intention is to improve compliance in the crypto market and protect investors.

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