Belgium Financial Regulator Blacklists 28 Sites on Allegations of Crypto Fraud

The financial regulators of Belgium, FSMA (Financial Service and Market Authority) has released a list containing 28 new sites to join others that were previously blacklisted on the grounds that they are related to digital currency scam. The financial watchdog laid emphasis on the warning to consumers to watch out and stay conscious. The cybersecurity alert was posted on Tuesday, September 4.
The financial Service Market Authority has stated that though it has issued risk alerts in the past, complaints still keep flowing in from customers who have become victims of this swindles and fraudsters using the virtual currency “hype.”
The warning went further to state that scammers are wise enough to use seemingly easy profit as bait to catch their victims, saying that; “the only thing they actually do is take the customers’ money and disappear. It is as simple as that.”
However, the financial watchdog admitted that the list is not comprehensive and that the agency is working on data accrued from the complaints of customers who have been defrauded by this sites. Apparently, the warning appeals to the public and comes more information about other crypto-related bodies operating illegally in the country. The agency also operates an open door policy towards readers who intend to consult its warnings issued in Q1 of 2018. The notice also contains testimony from a victim of those blacklisted websites, the agency described it as; “particularly detailed and telling.”

Crypto Scam Awareness in Belgium

It appears that crypto scam awareness is going on in Belgium at this time, as the efforts of the FSMA to sensitize and educate the prospective investors and traders that might be contemplating the use of digital currencies in the country. The financial body is telling them about the risk involved in the sector, most-especially cybersecurity as perceived by the national regulators and experts in the financial service sector.
Also in May, it was reported that government-sponsored research in China was able to outline what it presumes to be the major features of fraudulent virtual currency profiles.
The United State took the awareness to a whole new level as the SEC (Securities and Exchange Commission) reportedly created a website for a fake ICO (Initial Coin Offering) with an educational goal. The site named enticed prospective investors with an offer described as; “too good to be true investment opportunity” using the same “red flags” which is inherent in almost all fraudulent ICOs. Those who tried to buy the ersatz tokens would then be redirected to the SEC official website so as to access the education information on fraudulent ICOs and how to manage risk as cryptocurrency is concerned.

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