Bitcoin [BTC] and other cryptocurrency trading platforms among 21 websites flagged by Belgium’s FSMA

On October 27, the Belgian Financial Services and Markets Authority [FSMA] made it clear that they were taking the cryptocurrency market seriously by updating the list of fraudulent cryptocurrency websites.

The financial watchdog announced that they had added twenty-one websites to the already existing list, taking the total number of flagged websites to a total of ninety-nine. The regulatory body stated:

“We have also updated the list of cryptocurrency trading platforms which was flagged for indications of fraud, adding 21 new suspect sites. This list now comprises a total of 99 websites.”

The body went on to say that all the fraudulent websites have an underlying common factor: the promise of a high rate of return. These false assurances lure in a lot of unknowing investors, resulting in a lot of them losing money in the process. The FSMA added:

“All these promises are worthless, however, if an offer is fraudulent, the promises that accompany it are equally so.”

The new entrants into the list are: 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, vip-brokers.com, afaeu.com, bk-coin.com, capital-traders.com, cryptoallday.com, cryptonetto.com, cryptosafe.tech, dca-finance.com, elos-patrimoine.com, finances-markets.com, and iminage.com.

The rapid entry of cryptocurrencies such as Bitcoin [BTC] into the Belgian market has been apparent for some time now, with the growing number of cryptocurrency ATMs reflecting the development. Antwerp, a popular city in Belgium, is home to three Bitcoin ATMs, while Brussels, the capital of Belgium, holds two ATMs that dispense virtual assets.

The FSMA has also admitted to the rampant frauds in the field by saying:

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

In an earlier discussion on Bloomberg, Yo Sub Kwon, the CEO of Hosho Group, a smart contract, and security company had stated that most of the regulations that exist right now basically tend to help the fraudster.

He had stated:

“The only way to counter this is to ensure that they work together and are aware of the security protocols. They should come up with a system that alerts any sudden huge deposits so that in case of a hack, the transaction can be tracked back.”