Belgium Adds 21 Websites to List of Fraudulent Crypto Trading Platforms

Belgium’s Financial Services and Markets Authority has updated the list of websites it says are cryptocurrency trading platforms showing signs of fraud. Twenty-one websites have been added to the existing list, bringing the total to 99 blacklisted sites.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

21 New Suspect Sites

The Belgian Financial Services and Markets Authority (FSMA) made two crypto-related announcements on Friday. In addition to a new warning against cryptocurrency fraud, the regulator revealed:

It has also updated the list of cryptocurrency trading platforms for which it has detected indications of fraud, adding 21 new suspect sites. This list now comprises a total of 99 websites.

The agency elaborated that “this list is based solely on observations made by the FSMA on the basis of reports received from consumers. It, therefore, does not include all players that may be unlawfully active in this sector.”

The list of 99 websites includes the 21 newly added sites: 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.

The FSMA further emphasized that “there is no current supervision of online platforms active in the cryptocurrency sector.”

FSMA’s Latest Warning

In its warning against cryptocurrency fraud, the FSMA noted that the form of fraud varies such as involving “[the] purchase of cryptocurrencies, savings accounts based on cryptocurrencies, management agreements, ICOs, etc,” adding:

In spite of prior warnings by the FSMA, cryptocurrency fraud continues to trap ever more victims in Belgium.

The agency asserted that these fraudulent schemes make similar promises. They often involve “a very high rate of return,” the ease of withdrawing money, and “the funds deposited are guaranteed (often at 100%), which means that even if the market collapses, you will recover at least your initial investment, which makes this a very safe type of investment,” the regulator wrote. “All these promises are worthless, however: if an offer is fraudulent, the promises that accompany it are equally so.”

In March, the Brussels Times reported that Belgian tax authorities had started hunting for cryptocurrency investors. “Anyone speculating on the cryptocurrency market must pay tax of 33% on gains made, and declare these within the section ‘miscellaneous income’ on their tax return,” the publication detailed. However, the tax authorities are facing challenges since “the management of cryptocurrency assets happens through impenetrable foreign trading platforms,” the news outlet conveyed.

Early this month, news.Bitcoin.com reported that the number of crypto ATMs in Belgium is growing.

What do you think of the FSMA’s warning and its list of websites showing signs of crypto-related fraud? Let us know in the comments section below.

Images courtesy of Shutterstock and FSMA.

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