The Belgian Financial Services and Markets Authority [FSMA] identified seven new cryptocurrency trading websites in Belgium which could potentially be fraudulent. The financial authority admitted to receiving complaints from Belgian consumers who had invested in digital assets through these platforms.

The regulator stated,

“The cryptocurrency fraud continues making victims in Belgium. Hence, the FSMA repeats its warning against the fraudsters behind those platforms who are using cryptocurrencies to swindle consumers.”

One hundred twenty websites, including many new ones, were deemed as malicious entities in an official statement released by the FSMA. The following were the newly identified suspicious websites cited by the watchdogs,

According to the findings of the FSMA, these platforms offer its customers investments which are “secure, easy and very lucrative.” The report said that these malicious sites lured customers by posing as specialists in managing their investments. Following this, the users on such platforms were assured that their funds can be withdrawn at any time and that they were “guaranteed.” In the end however, the victims were left in a position where they were unable to recover the invested amount in any manner.

The regulator also clarified that the warning list did not contain crypto-platforms operating unlawfully in the country.

As new complaints continued to pour in, the list was updated to list 120 websites over the previous 113 that the watchdogs had previously revealed. In December 2018, FSMA outlined 133 potential scamming trading portals. Additionally, the FPS Economy, in collaboration with the FSMA, launched a website to create awareness about the risks associated with cryptocurrency trading in June 2018.

The post Belgian regulator flags potentially fraudulent crypto-trading platforms after blacklisting 120 websites appeared first on AMBCrypto.

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