What has happened?

Belgium's financial regulator has updated its list of cryptocurrency platforms that display signs of fraud.

What does this mean?

The Financial Services and Markets Authority (FSMA) has repeated its warning against fraudsters who use cryptocurrency platforms to "swindle consumers".

"Cryptocurrencies are the hype of the year. Fraudsters are well aware of that, and try to attract customers online through fake cryptocurrencies and huge profits. The only thing they actually do, however, is take the customers’ money and disappear. It is as simple as that."

The FSMA has also updated its list of cryptocurrency trading platforms regarding which it has received questions/complaints from consumers and that have been identified as showing signs of fraud.

The agency started keeping this list in February and the addition of the new 28 platforms has brought the total to 78.

The newly identified websites are:

  • www.1st-cryptobank.com
  • www.bitc-international.com
  • www.boursebitcoin.com
  • www.ccg-investment.com
  • www.crownmanagers.com
  • www.crypto.bnd-group.com
  • www.crypto-access.com
  • www.cryptofrancecapital.com
  • www.cryptorama-bank.com
  • www.cryptos-marketplace.com
  • www.cryptowallet24.com
  • www.e-cryptoney.com
  • www.ecrypto-international.com
  • www.emarketstrade.com
  • www.executivecrypto.com
  • www.fair-oakscrypto.com
  • www.fast-coin.eu
  • www.globalmarkets-group.com
  • www.ldc-crypto-com
  • www.lgsinvestpartners.com
  • www.london-exchange.com
  • www.minedecrypto.com
  • www.mondial-investissement.com
  • www.placementcrypto.com
  • www.primecryptobank.com
  • www.truetrade-capital.com
  • www.vechain-wallet.com
  • www.wallet-coins.com

The regulator warned:

"This list of cryptocurrency trading platforms is based solely on the findings of the FSMA, in particular as a result of consumers’ reports. As such, it does not include all the companies which might be operating unlawfully in Belgium in that sector."

In February, the FSMA issued a warning to potential investors, including a detailed and telling testimony by a victim of such a platform.

Next steps

If you want to take advantage of blockchain's huge potential and disruptive impact, while avoiding falling foul of ever-developing regulatory and legal requirements, visit our Hogan Lovells Engage Blockchain Toolkit.

For more news and analysis that is tailored to you, as well as access to Hogan Lovells' cutting-edge interactive Lawtech tools, register for free on Engage.

You can also keep track of all the Engage content by following our LinkedIn page.