Belgium Financial Watchdog Is Cleaning Up Its Crypto Market

Cryptocurrency advocates say that digital currencies are a safe and secure means of investment and trading.

They believe that one of the main reasons why there is concern about digital currencies is because there are a few unscrupulous cryptocurrency exchanges and operators out there who give the rest of the industry a bad rap!

The financial watchdog in Belgium has been keeping a close watch on its crypto market precisely for this reason. The Financial Services and Markets Authority (FSMA) had banned a number of fraudulent and suspicious crypto websites that were offering services in Belgium.

The FSMA recently announced that it had received a number of customer complaints from its citizens over unscrupulous crypto operators who were looking to con investors. FSMA investigated the complaints and has gone on to blacklist another 7 crypto websites.

Some of the websites that have now been banned include: www.ripae-homine.com, www.maisonducoins.net, ww.bearsmarkets.com, www.directco-invest.com www.tribelylimited.com, www.novoplacement.com and www.btckingdom.com.

The list of blacklisted crypto websites has now hit the 120 mark. Given the large number of blacklisted crypto websites, we can come to the conclusion that there are more than just a few unscrupulous crypto operators out there.

Investors Should Be Careful Of Scams

Whenever you are investing in forex, binary options, CFDs or digital currencies, it is imperative that you be extra cautious and don’t get caught in a scam. The FSMA is one of the many financial watchdogs that have had to increase their vigilance to police these markets and protect their citizens from being exploited and cheated.

In a statement, the FSMA said

The principle remains the same: they offer you an investment they claim is secure, easy and very lucrative. They try to inspire confidence by assuring you that you don’t need to be an expert in cryptocurrencies in order to invest in them. They claim to have specialists who will manage your investments for you.

Gullible investors buy in to these marketing tactics and part with their money. The end result is usually one of two things. The crypto firm suddenly disappears along with the investor’s money or the investor makes some money and is then conned into investing more money. When they accumulate a nice pile of cash, the company prevents them from withdrawing their money and uses a number of excuses and delay tactics.

FSMA has issued a warning to all citizens to be careful when it comes to investing in cryptocurrencies.