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Belgium Warns of 19 Probable Fraudulent Cryptocurrency Exchanges

Announcements

Lately, numerous cryptocurrency exchanging platforms have showed up on the web. They all claim to offer the best (or truly outstanding) exchanging platform(s), empowering the novices and experts to exchange digital currencies in a matter of seconds and with full certainty. The FSMA of Belgium has, however, received numerous complaints about these trading platforms that claim to be active in the cryptocurrency world.

The Financial Services and Markets Authority of Belgium (FSMA) has warned people about 19 fraudulent cryptocurrency exchanges showing signs of fraud. FSMA is known as as financial guard of Belgium. They have been getting grievances from people about cryptocurrency exchanging platforms which are involved in fraud. They have issued a press release cautioning to all the platforms linked with these fake exercises.

The FSMA has published a list of cryptocurrency trading platforms about which it has received number of complaints from people and has identified signs of fraud.

The list includes:

  • www.01crypto.net
  • www.btc-cap.com
  • www.capital-coins.com
  • www.coinquick.net
  • www.cryptavenir.com
  • www.crypto-banque.com
  • www.crypto-infos.com
  • www.cryptos.solutions
  • www.cryptos-currency.com
  • www.ether-invest.com
  • www.eurocryptopro.com
  • www.finance-mag.info
  • www.gme-crypto.com
  • www.gmtcrypto.com
  • www.gmt-crypto.com
  • www.good-crypto.com
  • www.mycrypto24.com
  • www.nettocrypto.com
  • www.patrimoinecrypto.com
  • www.ydconsultant.com

FSMA also said that “This list does not contain all websites that may be unlawfully offering cryptocurrency trading platforms, but is based solely on reports which the FSMA has received from consumers and the observations that could be made as a result of those reports”

People never recovered the invested funds and also they never received further communications from the company.

Consumer Complaints

Some of the complaints are as follows:

  • “I got in touch with the XXX group via an advertisement on Facebook, where I left my contact information. After that, an employee phoned me and explained their working methods to me… he then explained that there was a good deal on at the moment and that he could double my investment if I invested as soon as possible. I let myself be tempted and transferred some money (…) The employee then became increasingly evasive and became hard to reach by phone. On the last occasion, he told me my file would be closed and that I would be paid the returns. (…) However, to date I have not received anything.”
  • “’I invested via a platform (XXX) that allegedly holds an authorization. When I asked for my money to be refunded, they promised me it would be done by a given date. However, I have received nothing to date, and they have cut off all access.”
  • “The account was closed and [an] agreement [with a view to] a full refund of my investment (…). Since then, I have still received nothing on my account, despite several emails”

FSMA’s Advice

  • Always verify the identity of the company
  • Always ask for clear and comprehensible information, and take a critical attitude to the information they provide.
  • Be wary of (promises of) completely disproportionate gains. Where a return seems too good to be true, it usually is.

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