Belgian Government Issues Cryptocurrency Fraud Warning

Belgium's top financial regulator has issued a new warning about cryptocurrency scams.

AccessTimeIconSep 6, 2018 at 4:05 a.m. UTC
Updated Aug 18, 2021 at 9:46 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Belgium's top financial regulator has issued a new warning about cryptocurrency scams.

The Financial Services and Market Authority (FSMA) declared that "cryptocurrencies are the hype of the year" in an announcement published on Monday. The FSMA is a public institution that supervises the Belgian financial sector alongside the National Bank of Belgium (NBB).

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    The last regression video of the year 3.67.0
  • The regulator said in its missive that would-be investors should beware of would-be fraudsters who are peddling the idea of big profits through crypto-sales that ultimately prove to be fictitious.

    The FSMA wrote:

    "Fraudsters are well aware of that, and try to attract customers online through fake cryptocurrencies and huge profits. The only thing they actually do, however, is take the customers' money and disappear. It is as simple as that."

    Officials added a list of 28 trading platforms that they have said are fraudulent in nature, and the agency said that it issued the update "based solely on the findings of the FSMA, in particular as a result of consumers' reports."

    In February, FSMA issued its first warning on crypto scams, contending that people who trust suspicious-looking websites with their money "never recover the funds invested" or "simply have heard nothing further from the company with which they invested their money."

    Magic trick image via Shutterstock

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.