FSMA Adds Fourteen Cryptocurrency Trading Platforms to its Suspicion List

Dec 19, 2018 at 14:43 Update Date :Dec 21, 2018 at 11:45 UTC

A big move in the crypto market has been made by the Financial Services and Markets Authority (FSMA) of Belgium, where the financial regulatory agency of Belgium has added fourteen more cryptocurrency trading platforms to its list of crypto scam suspects.

With this update from the Financial Services and Markets Authority (FSMA), the number of scammers have increased – list of suspected scams in the crypto markets now contains over 113 websites. The recent addition of firms includes Cabinet-Finsbury, Capital-Secure, AJ Asset Management, Capital-Coventry, Cobber Finance, Capital & Marketing International LTD, Direct EP, Conseil Premium, CryptoMonaies, Eparge Capital, Direct EP, Gbe-Capital, Phoenix GM, and a website – www.moneo-invest dot com.

The crypto trading platforms are not just limited to offering cryptocurrencies; they also have facilities to offer like foreign exchange, indexes, and commodities. The list of websites which are suspected is available on the website of FSMA.

The financial regulators in their official statement said:

“The principle remains the same: they offer you an investment they claim is secure, easy and very lucrative. They acquired you by saying that you don’t need to be pro in order to invest. They call themselves as experts; who will handle all of your investments. They make false promise that your funds will be withdrawn any time. But in the end, you will nothing apart from finding yourself in trouble.”

The financial regulator of Belgium outlined these suspected scams with the complaints filed by the users against the fourteen suspected websites. As per the FSMA, all the illegal websites are not highlighted in their official reports.

Added to this, the financial regulator has also mentioned that despite the official warnings of the authority, the number of complaints regarding the scammers is not reducing. The consumers who have invested their money in crypto space with the help of trading platforms are complaining a lot about the authentication of such crypto platforms. Therefore, as a user, it is the responsibility of the investors to check whether you are making the right call in legal trading platforms or you are just investing in a wrong place.

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