TNW València is officially sold out 🇪🇸 We will see you in 3 days

This article was published on April 4, 2019

Belgian watchdog adds 7 new scams to its cryptocurrency blacklist

This brings the total to 120!

Belgian watchdog adds 7 new scams to its cryptocurrency blacklist
Yessi Bello Perez
Story by

Yessi Bello Perez

Former Senior Writer, Growth Quarters

The Belgian Financial Services and Markets Authority (FSMA) is continuing to warn citizens about the associated risks of dealing with cryptocurrencies after identifying seven new scam websites.

In today’s warning, FSMA says it has “continued to receive new complaints of consumers who have invested in cryptocurrencies through these trading platforms.”

The newly identified websites are as follows:

The regulator explains the modus operandi of many of these scams, noting how they typically offer prospective customers the opportunity to make “secure, easy, and very lucrative” investments.

“They [the scam operators] try to inspire confidence by assuring you that you don’t need to be an expert in cryptocurrencies in order to invest in them. They claim to have specialists who will manage your investments for you. You are told that your funds can be withdrawn at any time or that they are guaranteed,” the regulator’s node adds. “In the end, the result is always the same: the victims find themselves unable to recover their money!”

To date, FSMA has identified 120 websites that seemingly operate nefarious cryptocurrency schemes designed to dupe investors out of their funds.

It’s not the first time that FSMA issues a similar warning, though. In fact, it’s been updating its list of known scammers since the end of February last year, as complaints continue to roll in.

You may not need to be an expert in cryptocurrencies to invest in them, but one thing’s for sure: you do need to do your homework first, and if something sounds too good to be true, let’s face it, it probably is!

Did you know? Hard Fork has its own stage at TNW2019, our tech conference in Amsterdam. Check it out.

Get the TNW newsletter

Get the most important tech news in your inbox each week.

Also tagged with