Belgium updates its list of blacklisted cryptocurrency companies

December 20, 2018
Darya Karatkevich

As of today, Belgium’s Financial Services and Markets Authority (FSMA) has now blacklisted 113 cryptocurrency trading platforms operating in the country.

trading

According to the FSMA, the companies are operating unlawfully if they provide “financial services and products without complying with Belgian financial legislation.” Additionally, FSMA also added companies that use “recovery room” fraud, the process of contacting victims of fraud and then promising them the recovery of their lost investments for a fee (however, the funds are never recovered and the fees paid for the ‘assistance’ are gone as well).

Despite their frequent warnings, the FSMA says they are still receiving complaints concerning companies they’ve previously blacklisted. FSMA says that their blacklist “cannot be considered as exhaustive” as the process of identifying fraudulent companies can take a substantial amount of time. FMSA warns investors of ‘cloned firms’ – companies that have been previously blacklisted, but change certain characteristics of the company in order to claim legitimacy.

Post written by Darya Karatkevich
Darya is a blockchain market observer with 5+ years of experience as an author and editor for major tech blogging platforms. Her fortes are blockchain technologies and solutions, cryptocurrencies and crypto-related regulations.

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