The Belgian regulator has updated the “Blacklist of crypto companies”

The Belgian Financial Services and Markets Authority (FSMA) has updated its official list of crypto companies suspected of operating fraudulent schemes.

The blacklist now includes 28 crypto scammers, bringing the total number of unreliable crypto companies to 78 crypto trading platforms.

The list is constantly updated based on the study of complaints received from consumers and the results of FSMA research to identify fraudulent schemes. Therefore, it cannot guarantee the identification of all illegally operating crypto companies in the Belgian cryptocurrency sector.

FSMA once again emphasizes that the list is far from complete and only companies that have attracted the attention of the regulator are included. FSMA appreciates any information about questionable activity in the crypto market and encourages communication with consumers who question the legitimacy of a crypto platform.

Along with the updates to the list, FSMA has released a new statement to the one it previously published. The regulator is confident that scammers are taking advantage of the fashionable “cryptocurrency” trend to attract investments through false promises of huge profits from non-existent resources. Amid loud advertising campaigns, they collect clients' money and disappear.

The agency first published the list in February along with a warning to potential investors, but the number of complaints from defrauded clients has not decreased.

Around the world, financial regulators are trying to warn potential investors about possible financial pyramid schemes in the cryptocurrency space. Similar warning statements have been issued by Chinese, British and French regulators. The agencies strongly advise caution when considering investments in fintech startups that promise quick dividends to naive investors.