FSMA warning – 19 cryptocurrency trading platforms involved in fraudulent activities in Belgium

The Financial Services and Markets Authority [FSMA] is revered as Financial Watchdog of Belgium. They have been receiving complaints from the public about cryptocurrency trading platforms which are involved in fraud. They have issued a public release warning to all the trading platforms involved in these fraudulent activities.

FSMA, in their press release, stated:

“…has received questions or complaints from consumers about and has established indications of fraud”

The authorities have also published a list of as many as 19 platforms on which they have received complaints upon. They have taken up the responsibility to protect the interest of the investors and take necessary actions on all the received complaints.

There are several platforms that are established online which lures the investors by claiming their platform to be transparent, where, both professionals and beginners can trade and make profits.

The list of 19 exchange platform includes:

  1. 01crypto
  2. Btc-cap
  3. Capital-coins
  4. Coinquick
  5. Cryptavenir
  6. Crypto-banque
  7. Crypto-infos
  8. Cryptos.solutions
  9. Cryptos-currency
  10. Ether-invest
  11. Eurocryptopro
  12. Finance-mag
  13. Gme-crypto
  14. Gmtcrypto
  15. Good-crypto
  16. Mycrypto24
  17. Nettocrypto
  18. Patrimoinecrypto
  19. Ydconsultant

The types of complaints range from ‘money invested which cannot be reclaimed’ to ‘losing contact with the trading platform once their money is invested’.

FSMA also mentioned:

“They claim to offer the best (or one of the best) trading platform(s) on which, both beginners and professionals can trust and trade on instantly”

One of the customers told FSMA:

“I invested via a platform that claimed to have a license. When I asked for the refund of my money, I was promised that my money would be refunded on a certain date. However, I have never received anything and now I do not even get access to the platform.”

If the issue still persists and they receive more complaints, then necessary actions will be taken to terminate the trading platform. Although, clear and proved statements will be necessary in order to take such stringent actions.

The agency cleared the air on the fact that the above list does not include all questionable cryptocurrency trading platforms but only the ones which were reported by consumers.

The agency states:

“Many platforms for crypto trade promise a guaranteed return or full capital protection. However, those promises are one big illusion in the crypto-coin sector! If an offer is fraudulent, the promised guarantee is undoubtedly [too].”

FSMA also clearly stated that no supervision is being exercised on online platforms that are in cryptocurrency sector currently. As a warning, they have asked all the investors to be cautious and also remain guarded against any signs of fraud. They have requested the investors to verify the identity of the company before investing.

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