Belgian Financial Services Warns of Fraudulent Investment Sites

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.