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Belgium’s Financial Services warns of Crypto-frauds.

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The Financial Services and Markets Authority (FSMA) of Belgium has been aware of the Crypto frauds and has made an effort to warn the investors. A total of nineteen cryptocurrency firms has been listed by the agency which are speculated to be frauds and have got it’s share of consumer complaints.

The platforms include Capital-coins, Coinquick, Cryptavenir, Crypto-banque, Crypto-infos, Cryptos.solutions, Cryptos-currency, Ether-invest and a few more. Not only the 19 listed crypto trading firms but more names of fraud firms are expected to be made public within a few more days.

The Agency traced the new platforms and found that similar campaigning techniques are implemented by most of them. “They claim to offer the best (or one of the best) trading platform(s) on which, both beginners and professionals” can do the trading.

One of the consumers complained that he had invested on a so-called licensed platform and when he asked for his refund back, he didn’t receive anything. Moreover, he cannot even access this platform anymore.

FSMA has clearly warned the consumers to be extremely careful while investing in some crypto firms. The investors have been suggested to go through a strict verification of the companies before giving in a huge sum of money. If the company cannot provide transparent identity information, the investors are asked not to invest.

“Many platforms for crypto trade promise a guaranteed return or full capital protection. However, those promises are one big illusion in the crypto-coin sector! If an offer is fraudulent, the promised guarantee is undoubtedly [too]”,reported FSMA.

Awareness in the Digital currency sector is important. Investors should check with any crypto firms’ license by a supervisory team to ensure that their money is not hurled down the drain. Clear and transparent information should be asked for.

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