Belgium’s Financial Services and Markets Authority has updated their list of cryptocurrency trading platforms for which it has detected indications of fraud by adding 21 new suspect sites, bringing the total of suspected crypto scams to 99.
The Financial Services and Markets Authority strives to ensure the honest and equitable treatment of financial consumers and the integrity of the financial markets, which, of course, include the cryptocurrency markets.
However, the FSMA found that despite their prior warnings, cryptocurrency fraud continues to trap ever more victims in Belgium.
Many of the blacklisted crypto firms are offering financial services without complying with the Belgian financial legislation, and are also involved in attracting victims to their allegedly fake investment schemes.
The FSMA, however, is unable to charge any of the blacklisted firms. These crypto firms mentioned in the FSMA blacklist are operating from all around the globe, therefor falling outside the jurisdiction of the FSMA.
Even though the FSMA cannot charge websites active in the cryptocurrency space in the absence of legal supervision, an alert could still minimize the risks for potential cryptocurrency investors.
'Be wary as of companies that claim to hold authorizations from supervisory authorities and refer you to such authorizations,” the FSMA writes. 'This is a very frequently used technique. However, these are often cases of identity theft. Feel free to ask the FSMA to confirm the information you have received.'
You can find the full FSMA crypto blacklist here.