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Belgium Blacklists Another 21 Fraudulent Cryptocurrency Exchanges Web Platforms

The financial regulatory body of Belgium, FSMA, Financial Services, and Market Authority has blacklisted 21 more cryptocurrency exchange platforms which appears to be fraudulent. This came along with a warning against the prevalence of cryptocurrency fraud in the country.

Fraudulent Blacklisted Cryptocurrency Exchange Platforms

In an addendum to the previous 78 blacklisted cryptocurrency exchange platforms in Belgium, the financial services and market authority of the country has added 21 more in the latest release taking the list to 99 blacklisted crypto exchanges.
The agency stated in the press release that the list is solely based on the observation made by the FSMA on the report received from the consumers. This indicates that it does not include all the unlawful actors in the crypto space of the country as the report clearly notes.
The 21 newly added websites to the blacklisted lists are afaeu.com, bk-coin.com, capital-traders.com, cryptoallday.com, cryptonetto.com, cryptosafe.tech, dca-finance.com, elos-patrimoine.com, finances-markets.com, iminage.com, investissement-crypto.com, kryptonexlabs.com, kryptowize.com, london-exchange.net, lacentraledescryptomonnaies.com, parel-invest.com, positiva-ad.com, save-coins.com, tradabank.com, trade-my-bitcoin.net, and vip-brokers.com.

Warning Against Prevalence Of Crypto Fraud

FSMA stated in the release that there is no current supervision of online platforms active in the cryptocurrency space. Thus the body warns against cryptocurrency fraud. The regulator noted that fraud varies in the form of purchase of cryptocurrencies, savings accounts based on cryptocurrencies, management agreements, ICOs among others. It was further stated that the previous warning made has not caused a decline of the crypto fraud trend but has only seen more increase.
Also, the agency cited examples of promises which are always similar that fraud schemes made. This includes a very high rate of return on investment, ease of withdrawing of money, promise of 100% yield of investment even if the market collapses. It was further noted that all these promises are worthless, regardless of the offer, the result will be fraudulent.
Meanwhile, the Belgian tax authority in March has made efforts to tax the profit of crypto investors. It was stated that anyone speculating on the cryptocurrency market must pay a tax of 33% of gains made and must declare it in the section of the miscellaneous income on their tax return. This effort has been frustrated because of the foreign channels used for the management of cryptocurrency by the citizens mostly.
The effort of the FSMA in blacklisting fraudulent cryptocurrency platforms in the country is noteworthy and should be emulated by other countries as the cryptocurrency industry continues its formation.

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