CryptocurrencyRegulations

Belgian regulator reported on increasing cases of cryptocurrency fraud

The Belgian financial regulator reported that since May 2019, the citizens of the country have lost more than 10 million euros in fraudulent schemes related to forex and cryptocurrencies.

A report from the Belgian Financial Services and Markets Authority (FSMA) states that from May 2019 to September 2020, users from Belgium transferred at least € 10 million to fraudulent sites, including those working with cryptocurrencies. Such sites lured users with advertising on social networks and on websites.

“These platforms often used very aggressive advertising methods to convince the victim to donate the maximum amount possible. They also tried to convince users to provide remote access to a computer under the pretext of helping in transactions and confirming transfers, ”the representatives of the Belgian regulator write.

In addition to virtual communication, the scammers contacted the victims using the phone. They convinced users to provide contact details and offered asset management services promising “high and guaranteed income.” In addition to investments in cryptocurrencies, the attackers offered investments in binary options, forex and other financial instruments.

In February 2020 FSMA leadership appealed to the Government to how to develop a regulation for kriptovalyutnoy industry as soon as possible.

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