In a quest to clean up the crypto scene, a watchdog company in Belgium has recently added 28 sites to a crypto scam list to warn potential crypto investors. As crypto scams and fraud are on the rise, it is important that we protect the best interests of investors, which is what this Belgium company is doing.
As more fraudulent ICO projects and other sites are formed to scam crypto users, the news that the Belgium Financial Services and Markets Authority (FSMA) is using its power to prevent scammers is a welcome piece of news during these difficult times.
Adding websites to crypto scam list
The Belgium financial watchdog has just added 28 sites to their crypto scam blacklist, as reported directly on the FSMA website on September 4. The list was created to warn consumers of fraudsters who are looking to trick potential crypto investors using hype and false promises.
FSMA mentioned that scammers are clever enough to lure potential investors with promises of easy-to-make profits that essentially then take the money from investors and disappear. The latest update of the list is not a comprehensive and detailed analysis of all potential crypto scam websites but was compiled via complaints from consumers and reports from scammed victims.
The FSMA website is also appealing to the public who have been scammed by fake crypto scam projects to inform the watchdog in regards to other crypto scam related websites so they can inform the general populace of probable scams operating unlawfully in Belgium. You can also read the prior warnings from FMSA that were issued in February 2019.
Ongoing efforts to protect crypto investors
The main aim of the FSMA website is to educate investors on the risks and crypto scams that unfortunately blight the industry. Reports circulated earlier this year that 78% of all ICO projects in 2017 were scams, and if true, we are only starting to see the full picture of crypto scams. Alongside fake ICO projects, many fraudulent crypto mining advertisements on social media platforms have also tricked consumers into investing to make back fake high returns.
We reported back in July how crypto scams in Australia had become the second largest investment scam category across the nation and that cybercriminals were targeting crypto users and traders. Those figures were also unearthed by another watchdog firm and consumer service, Scamwatch, who talked about the ongoing issues that Aussie crypto users face when dealing with crypto scam artists.
The efforts by the FSMA to protect Belgium consumers and investors and to educate people in regards to the industry is something to be admired. The risks associated with crypto are well publicized, and with watchdog facilities such as the FSMA and Scamwatch on our side, the fight against crypto fraudsters is heating up.
When it comes to spotting a crypto scam, it is important that we exercise common sense as consumers and research our potential investment opportunities thoroughly. If you are a crypto investor in Belgium, make sure you check out the latest update on the FSMA website.
I am very experienced writer/blogger who has been an active member of the cryptocurrency community for several years. I have experience writing for crypto news sites and proactively been involved in the startup of other ICO and crypto ventures over the course of the past four years.