Belgian Financial Regulator Warns Against 14 New Cryptocurrency Investment Scams, Bringing Total to 127

The Belgian Financial Services and Markets Authority (FSMA) has identified 14 new cryptocurrency investment scam websites, bringing the total number of flagged sites to 127. Here’s what you need to know:

Newly Identified Cryptocurrency Scam Websites

A Warning from the FSMA

The FSMA has long been warning investors about the dangers of cryptocurrency investment scams and continues to urge Belgian investors to avoid these schemes. Here’s a summary of the red flags commonly associated with these scams:

Promises of high returns with little or no risk: Be wary of any investment opportunity that promises high returns with little to no risk.
The need for an investment expert: Some scams may claim to have investment experts or gurus who can help you make profitable investments.
Free trial periods: Certain scams may offer a free trial period before requiring a larger investment.

Previous Warnings and Red Flags

In 2016, the FSMA issued a warning against the notorious OneCoin ponzi scheme, as reported by CCN. With three investment advisory notices against cryptocurrency scams in 2018, the FSMA has been actively addressing this issue.

However, the EU is facing a growing problem with fraudulent schemes that exploit the perceived lack of regulatory uniformity across the continent. Recently, indications suggest that measures to establish a harmonized regulatory regime in the EU may provide greater protections against cryptocurrency scams.

Protecting Yourself from Scams

In order to protect yourself from potential investment scams, the FSMA advises investors to:

Verify that any investment opportunity is registered with the regulator
Exercise caution when presented with unrealistic promises

The complete list of blacklisted websites can be found on the FSMA’s official website. Stay informed and stay safe!