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Belgian Financial Services Warns of Fraudulent Investment Sites

June G. Bauer

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The Financial Services Authority (FSMA) in Belgium has updated its crypto warning list adding some new cryptocurrency related websites to it. The FSMA has recently received new complaints from Belgian citizens who lost money investing in who have followed fraudulent cryptocurrencies websites.

The FSMA is one of the few regulators around the world that maintains a list of suspicious platforms and companies offering financial schemes to investors. The regulator first issued the list in February 2018 with 20 names of potential fraudulent crypto trading platforms. The FSMA’s list currently includes 121 active sites targeting Belgian citizens.

In 2018, the FSA received 334 complaints from consumers regarding cryptocurrency frauds, with total losses of 4.5 million euros, and according to FSMA, this amount may be well below the real figure and is just the tip of the iceberg.

Pop cultureaholic, Technology expert, Web fanatic and a Social media geek. If you have any questions or comments please feel free to email her at [email protected] or contact her on Twitter @JuneTBauer1

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TATA Launches Cryptocurrency Trading Platform

Sying Tien

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TATA Consultancy Services (TCS), the leading Indian multinational IT service and consulting company announced the launch of a new cryptocurrency trading platform called Quartz Smart Solution for banks and investments.

The new platform will support multiple cryptocurrencies, digital assets, digital coins linked to fiat currencies, trading channels and public blockchain networks, thereby offering choice and flexibility to customers in their trading and investment strategies.

Quartz Smart Solution has been developed in collaboration with blockchain startup Quartz, incubated by TCS. Its Smart Ledgers product consists of ‘Smart Solutions,’ a set of distributed ledger technology for businesses across industries; ‘Quartz DevKit’ a low code smart contract development platform; ‘Quartz Gateway’ for integrating existing solutions with varied ecosystems and ‘Quartz Command Center’ for administering and monitoring the ecosystem.

TATA Consultancy Services Limited (TCS) is an Indian multinational information technology (IT) service and consulting company with headquartered in Mumbai, Maharashtra, India. It is a subsidiary of the Tata Group and operates in 149 locations across 46 countries.

TCS is the second largest Indian company by market capitalization. Tata consultancy services is now placed among the most valuable IT services brands worldwide.

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Egyptian Man Arrested for Mining Ethereum in Badr City

M. Ali

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Egyptian Man Arrested for Mining Ethereum in Badr City

Egyptian National Police (ENP) have smashed a mining farm for mining Ethereum cyrptocurrency and arrested a man in Badr City (located north east in the Cairo Governorate).

Ethereum (ETH) is just like Bitcoin, a cryptocurrency, that is a decentralised digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer Eth network without the need for intermediaries.

We were tipped off about the presence of a sophisticated computerized system at an address in Badr City that are being used to illegally mine cryptocurrencies

Quoted from the MOI’s press release

During Badr City’s mining farm raid, police have seized 19 mining rigs that were used in the “Illegal mining” operations. Mining farm is a data center, technically equipped with dedicated computers or miners to mine cryptocurrencies.

Badr City Mining Farm

One man was arrested on charges of money laundering through cryptocurrency.

Bitcoin and other cryptocurrencies are illegal in Egypt. It may still be possible for Egyptians to acquire Bitcoins through online cryptocurrency exchanges or by purchasing Bitcoins from Facebook and Telegram crypto groups, however, that would be illegal.

MOI Press Release Video

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VP of Egypt’s EAFIS: Crypto Currencies are the Future

M. Ali

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Mohsen-Adel-View-Of-Bitcoin

Mohsen Adel, Vice President of the Egyptian Association for Finance and Investment Studies (EAFIS), said in an interview with Youm7 (a private Egyptian newspaper), that the phenomenon of (virtual) electronic currencies has recently spread in the global economy, specially Bitcoin.

He added, “Bitcoin” is a decentralized cryptocurrency-based digital currency, which is a decentralized currency that is not controlled by non-users, Bitcoin has became so popular lately but it’s only problem that it cannot be monitored by the government entities or the central bank like the regular fiat currencies.

He also added, China is preparing to launch their cryptocurrency, which has become a smart solution for the Chinese to handle the current trade war with the United States.

He pointed out that he recently noticed that many Egyptians use these crypto currencies via the Internet and we see that dealers are exposed to frauds as a result of using this type of non governmental regulated insecure payments.

Yet, he believes that the importance of cryptocurrencies will grow in the future. Cryptocurrencies are the currencies of real free-market economies. Their future depends on the confidence they inspire consumers.

The Egyptian Society for Finance and Investment Studies was established in 2010 (according to the Egyptian Civil Associations Law) by a group of investment experts in Egypt.

The Egyptian Association for Finance and Investment Studies works to serve certain goals, the most important of which is to support the basic concepts of the non-banking financial services industry, especially the field of financial markets, in addition to disseminating the basics of studying investment approaches among many sectors of society and developing the investment climate by spreading sound investment awareness.

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