Cryptocurrency: fraudulent investment sites identified by Belgian watchdog
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Cryptocurrency: fraudulent investment sites identified by Belgian watchdog

Wednesday, 21 August 2019

Credit: Belga
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The Financial Services Authority (FSMA) of Belgium on Wednesday published a fresh alert regarding cryptocurrency fraud. The list of platforms from which it was able to note fraud indicators now contains 121 sites active in Belgium.

The FSMA recently received fresh complaints from consumers who followed up fraudulent offers of investment in cryptocurrencies.

The principal is always the same: an investment proposition based on cryptocurrencies, emphasising its secure, simple and extremely lucrative nature, the FSMA noted. But ultimately, victims always find it impossible to get their money back.

In 2018, the financial watchdog received 334 claims and complaints from consumers relating to cryptocurrencies amounting to a total loss of 4.5 million euros. According to the FSMA, this is a sum that is probably far short of the real figure and is only the tip of the iceberg.

What is Cryptocurrency?

Cryptocurrency is a digital currency that uses encryption techniques to regulate the generation of units of currency and verify the transfer of funds, operating independently from a central bank.

The Brussels Times