Following an update related to the previous cryptocurrency related scam ‘blacklist‘, earlier in Dec. last year, the FSMA has added 7 new cryptocurrency trading platforms where it found signs of fraud.
The blacklist currently includes a sum of around 120 websites.
Within the statement, the financial authority added that it continued to receive new complaints of consumers who invested in cryptocurrencies on those trading platforms, adding that cryptocurrency fraud is still taking place in Belgium.
Similar to the previous update, the FSMA wrote that the list of cryptocurrency related websites is based exclusively on the findings of the authority, especially as a results of user reports. The regulator warned that the blacklist doesn’t embody all the businesses that might be operational illicitly in Belgium within the crypto industry.
Even last year, Belgian monetary authority FPS Economy [FPS] launched a ‘web-site‘ to raise awareness of the risks related to crypto investment. In line with the FPS, Belgian investors reported losses of around $2.5 Mln in cryptocurrency related scams in 2017, that is evaluated to account for solely 4% of overall crypto fraud cases, with the total losses amounting to around $152 Mln.
Just yesterday, the European Union ‘revealed‘ the INATBA [International Association of Trusted Blockchain Applications] in Brussels, Belgium. The new blockchain alliance’s charter was signed by over a hundred members along with international tech giant IBM, Accenture and Deutsche Telekom, as well as ‘blockchain‘-related companies like Ripple, Iota and ConsenSys.