Belgium FSMA Updates Crypto Fraud Blacklist

FSMA’s Ongoing Fight Against Crypto Fraud

In a recent announcement dated September 4, the Belgium Financial Services and Markets Authority (FSMA) has intensified its battle against cryptocurrency fraud by adding 28 new websites to its blacklist. This move comes amid fresh consumer alerts, reiterating the agency’s concerns about the ongoing risks consumers face due to crafty fraudsters capitalizing on the cryptocurrency craze.

Warning Signals: The Scammers are Here

Despite previous warnings, the FSMA reports a surge in complaints from individuals duped by these cunning scammers. According to the agency, these fraudsters are luring victims with promises of quick and effortless profits—if only it were as easy as it sounds! The reality is grim; the only outcome for those falling for these schemes is substantial financial loss, as these scammers simply disappear with the money.

A Call to Awareness

The FSMA emphasizes that the recently updated blacklist is not exhaustive. They’ve compiled this list primarily based on reports from victims. So, if you’ve encountered suspicious crypto-related activities, look no further—reporting these deceitful operations can make a difference! The agency invites the public to share any information regarding illegal crypto entities operating within Belgium, emphasizing collective vigilance in this digital wild west.

Learning from Past Mistakes

In their alert, the FSMA also nudges consumers towards a prior warning published back in February 2018. This includes an enlightening testimony from a fraud victim that the FSMA describes as “particularly detailed and telling.” Learning from the past is key—after all, who wouldn’t want to avoid stumbling into a trap laid down by a too-good-to-be-true opportunity?

Lessons from Around the Globe

Belgium isn’t alone in this fight. Other national regulators and financial security experts have been actively educating investors on cryptocurrency fraud. For instance, a government-led study in China shed light on typical fraudulent digital currency profiles, arming consumers with critical knowledge. Meanwhile, in the U.S., the SEC took an innovative approach by creating a mock website for a fake Initial Coin Offering (ICO). This site, HoweyCoins.com, lured unsuspecting investors with an alluring investment opportunity before redirecting them toward educational content about common ICO red flags. It’s a humorous, yet serious illustration of the pitfalls of ignoring shady offerings.