Thursday, June 20, 2019

Belgium Releases 120 Blacklisted Crypto-Related Websites

The total number of crypto-related scams and frauds are beginning to increase rapidly over the years and the government also takes full responsibility in this action.

The State Of Cryptocurrency In Belgium

Belgium, one of the many countries in the world that has a difficulty of adapting cryptocurrencies, has reached their goal of fighting against the negative effects of the technology. Through their use of stringent protocols in blacklisting illegal websites in the net, can they expose the deepest kinds of crypto scam businesses roaming in the country?

According to the statement of the country’s financial watchdog– Financial Services and Markets Authority FSMA), a total of 120 crypto-related websites were already blacklisted to be used in the country as they were all founded to be involved in crypto scams and frauds.

Recently added to their blacklisted list are websites,,,,,,, and

Continuous Wipe Out

This blacklisting scenario begun back in September 2018, in which Belgium’s FSMA announced the blacklisting of websites such as CryptoWallet24, ExecutiveCrypto, CryptoFrance Capital, Crown Managers, and MinedCrypto — all of which were said to be promoting crypto frauds to its customers.

“The principle remains the same: they offer you an investment they claim is secure, easy and very lucrative. 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. 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 You are told that your funds can be withdrawn at any time or that they are guaranteed.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,” FSMA’s announcement on their website.

Back then, only a small number of crypto-related websites were warned to be blacklisted by the agency but now, the number has increased and Belgium seemed to continue its wip out action.

Belgium Warns Citizens On Crypto Scamming

In its official statement, FSMA dictates that people should be alert and mindful about their assets when it comes to transacting with digital currencies. Although the agency pushes for safe crypto transactions, a lot of their citizens still complaint about scammers’ increasing in the country and globally.

Since Belgium was still in talks on regulating these coins, the government firmly decides to take an action to counter-attack the plans of scammers in the industry– through helping their citizens in choosing what website to use. This way, FSMA hopes that users can distinguish who to trust in these rather ‘anonymous’ tokens.

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