Belgium Suffers From Crypto Scams

Belgian citizens have lost almost €10 mln due to fraudulent crypto investment schemes. This was announced on Monday by the country's chief financial regulator, the Financial Services and Markets Authority of Belgium. According to the regulator, these data refer to the period from May 2019 to September 2020.

In addition, the FSMA pointed to fake advertisements that use images of celebrities. Potential victims are deceived by platforms that post such ads on social media. When interested people click on it, the scammers call on the victim to discuss an investment offer.

In addition to bitcoins and other cryptocurrencies, online robbers offer schemes for investing in foreign exchange products and contracts for differences (CFDs). The FSMA has already informed users of potential crypto scams and similar fraudulent activities in 2018. Since then, the regulator has added fake credit letters to the list of unfair investment offers. Moreover, investors should stay away from pseudo-wealth management and alternative investment scams.

Image courtesy of Cryptonewssz