Belgian Regulators Update Crypto Scam Sites Blacklist To Total 113

Efforts to curb crypto-related crimes have intensified in Belgium as the country’s Financial Services and Markets Authority (FSMA) revealed in a notice today that they have added new websites to their black book.

The latest additions bring the total number of crypto scam websites in Belgium to 113, as fraudsters continue to capitalize on people’s lack of knowledge about the space to rip them of their wealth.

According to Belgium’s FSMA, the several “warnings” which they have issued so far is falling on deaf ears with new scam cases being reported by defrauded investors daily.

The authorities say the crime is being carried using typically the same format.

“They offer you an investment they claim is secure, easy and very lucrative […] They claim to have specialists who will manage your investments for you. You are told that your funds can be withdrawn at any time […] In the end, the result is always the same: the victims find themselves unable to recover their money!” the FSMA wrote.

Members of the public were finally called on to report any projects that they believe are offering a fraudulent crypto investment opportunity to Belgian citizens.

Global Regulators Stepping Up Crypto Investor Protection

With a significant number of people still unaware of what cryptocurrencies are, global regulators are stepping up efforts to protect citizens from falling prey to fraudsters.

Coinfomania reported on Monday that the Italian Securities watchdog (CONSOB) halted two fraudulent crypto investment schemes called Bitsurge and Green Field Certificates and issued a 90-days suspension to the company behind it.

Similarly, the U.S SEC has been hot on the heels of fraudulent ICO project and recently charged celebrities Floyd Mayweather and Dj Khaled over $800,000 in fines for promoting fake ICOs.