FSMA Update Crypto Blacklist in April
The Financial Services and Market Authority for Belgium have updated their blacklist for Cryptocurrency websites. These websites have been associated with fraud according to the FSMA. The authority board, who had not updated this list since December 2018 have now added seven new crypto trading services to the blacklist.
120 Websites Included in the Blacklist
In the site post made by the FSMA, the authority board noted that it had a continuous stream of new complaints about these several crypto sites. All the consumers who invested in these sites claimed fraud, showing that crypto-fraud is still alive in Belgium.
Similar to the blacklist update they made in December, the Financial Services and Market Authority noted that their finds are solely based on their intelligence, in particular to complaints received from user reports. The regulating body informed in the April update that their might still be companies operating illegally in Belgium.
There’s an Additional financial authority of Belgium called the FPS Economy launched their website in 2018 that raises awareness on the risks that are associated with cryptocurrency. FPS on this site notes that Belgian investors in 2017 reported losses of $2.5 million from crypto scams. This is only 4% of the total estimated sum stolen from Belgian investors, with the total number being $152 million.
Even the European Union has begun to protect the rights of crypto investors, by launching the International Associated of Trusted Blockchain Applications. The INATBA is located in Brussels, Belgium and will act as a regulatory body for blockchain services across the entirety of the European Union. Companies like IBM and Ripple have already joined up with the INATBA.