Belgian Regulators Sound Alarm On Cryptocurrency Fraud

Law360, London (August 22, 2019, 1:53 PM BST) -- A Belgian regulator issued a warning Thursday about the rise in cryptocurrency fraud as complaints continue to come in from investors who claim they have been scammed.

The Financial Services and Markets Authority, Belgium’s financial watchdog, said it has added new companies to the list of cryptocurrency trading platforms it suspects are trying to scam investors. The authority is watching 121 dubious companies, up from 99 in October.

Consumers should be particularly wary of a new Belgian website called XTB-Markets, the watchdog said. It strongly warned would-be investors not to respond to communication from the company.

“The FSMA repeats its warning...

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