The Belgian Financial Services and Markets Authority (FSMA) in its recent endeavor has listed 14 new websites operating different forms of crypto scams. The authorities have taken upon themselves to save the customers from falling in the clutches of these scammers who operate very sophisticatedly and cheat people of their hard earned money. The recent addition brings the total number of websites flagged by the authorities to 113, also known as ‘blockchain blacklist.’
The campaign of cleaning the markets from the clutches of scammers have been carried out throughout 2018. In March this year, it was reported that FSMA has started a purge and hunting down cryptocurrency investors. According to a report, “Anyone speculating on the cryptocurrency market must pay a tax of 33% on gains made, and declare these within the section ‘miscellaneous income’ on their tax return,”
The Red Flags To Lookout for Before Investing
Even after announcing the warning against these fraudulent operators, consumers seem to have not learned their lessons. The authorities continue to get complaints regarding fraudulent activities on different exchanges. FSMA has asked the users to look out for obvious red flags,
The principle remains the same: they offer you an investment they claim is secure, easy and very lucrative.They try to inspire confidence by assuring you that you don’t need to be an expert in cryptocurrencies in order to invest in them.
These firms claim to have specialists who will manage your investments for you. You are told that your funds can be withdrawn at any time or that they are guaranteed. In the end, the result is always the same: the victims find themselves unable to recover their money!
The list of website added to the Blockchain Blacklist
The latest websites added to the Belgian Financial Services and Markets Authority’s Blockchain Blocklist include:
You can get the full list of websites banned by Belgian authorities here
The latest bust on the fraudulent blockchain operations would help in clearing the way for genuine ones. Involvement of governance can help to weed out these kinds of scams from the picture. The pioneers and upcoming projects must look for ways to work cordially with the government to take the technology to new heights.
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