Despite prior FSMA warnings (see Dechert OnPoint, July 2018), cryptocurrency fraud continues to trap more victims in Belgium. On 26 October 2018, the FSMA published a new warning against these forms of fraud and updated the list of fraudulent cryptocurrency trading platforms (21 new suspicious sites have been added, the list now totaling 99 websites).
The FSMA’s warning describes how these types of fraud get started and what the fraudsters offer to the investors. It also provides some guidelines on how to determine if an offer constitutes fraud, gives a few recommendations and strongly advises victims of this type of fraud to file a complaint.
Read: The FSMA’s warning