Belgium Blacklists 9 Crypto Websites Suspected Of Fraud

The official regulator in Belgium, the Financial Services and Markets Authority (FSMA) has recently made an additional update to its blacklisting of crypto-related websites that are associated with fraud. The fact that Belgium blacklists another nine websites related to Bitcoin scams gives a new push to the regulation and detects new indications of fraud.

As the Bitcoin scams news show, adding the nine new suspect sites brings the entire list of total crypto scams in the country to 131. Now that Belgium blacklists 9 more crypto websites associated with scams, the financial authority said that it continued to receive new complaints from consumers who already made crypto investments on those trading platforms. They also added that cryptocurrency fraud continues to find new victims in Belgium despite all of the previous warnings.

The FSMA, which is the official regulator for matters like these in Belgium, said that investors in the country should be wary of companies that claim to hold authorizations from supervisory authorities. They added:

“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.
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A lot of the blacklisted crypto firms were investigated – where regulators found that they purportedly offer financial services without having any compliance with the Belgian financial legislation. Still, most of these firms mentioned in the list operate outside the jurisdiction of the FSMA which makes it almost impossible for the agency to legally charge them.

Even though the FSMA cannot charge these websites of fraud, an alert like this one could minimize the risks for potential crypto investors. The big picture shows that as Belgium delists more Bitcoin scam websites, the country is giving a push towards the white-hat approach in fighting crypto crime.

The FSMA also went on to add that the blacklist is based only on the findings of the authority and warned that it does not include all of the cryptocurrency companies which might be operating illegally in the country.

In June this year, news from the Belgian financial authority FPS Economy showed that a website has been launched in order to raise awareness of the risks linked to crypto investments.