Belgium’s Financial Services and Markets Authority (FSMA) has updated its list of cryptocurrency investment platforms that do not comply with existing financial regulations. The new additions bring the watchdog’s total of up to 131 companies operating without its permission.
As detailed in a post to the regulator’s website, the FSMA has added nine new names to its growing list of companies on Oct 29. These are listed as the following:
The FSMA claims to have received a large volume of complaints during recent weeks. It has, therefore, reiterated prior warningsabout the risks that such cryptocurrency investment platforms can carry.
The regulator states that investments of this nature are often characterized by their marketing as ‘secure, easy, and very lucrative.’ It goes on to say that such platforms often promote the fact that you don’t need to be an expert in cryptocurrencies to make profits on the markets and that a team of experts will ensure risk-free returns on investments. The FSMA warning concludes: “In the end, the result is always the same: the victims find themselves unable to recover their money!”
The recent update to the list is the tenth iteration in less than two years. 18 companies out of the total 131, have been added in 2019.
In previous posts about fraudulent cryptocurrency investment platforms, the FSMA has stated that the companies are often operated from outside of Belgium. Some even claim to have approval from various global financial regulators. The watchdog advises potential investors to always double-check with the regulatory body supposedly authorizing the company in question before they part with any money.
The FSMA encourages potential investors to look at prior warnings, as previously reported by BeInCrypto, for more information about staying safe from fraudulent investment offerings. It also states that its current list is only the result of its own investigations and the reports it receives from consumers. It, therefore, should not be considered definitive.
Did you know you can trade sign-up to trade Bitcoin and many leading altcoins with a multiplier of up to 100x on a safe and secure exchange with the lowest fees — with only an email address? Well, now you do! Click here to get started on StormGain!