Due to the increase in the popularity of cryptocurrency, the number of scammers raises who create frauds to cheat investors. Financial Services and Market Authority (FSMA) in Belgium have sent a new warning to the cryptocurrency scammers this Monday.

According to the warning issued by FSMA, They have continued to receive complain from investors of cryptocurrencies regarding some of the trading platforms. Thus the information stated that the number of cryptocurrency scams continues to increase.

Cryptocurrencies are the hype of the year. Fraudsters are well aware of that, and try to attract customers online through fake cryptocurrencies and huge profits. The only thing they actually do, however, is take the customers’ money and disappear. It is as simple as that. said FSMA.

Also, in the warning, they have alerted the users with the list of trading platforms which they considered as scam trading platforms. In this list, we can see a total of 28 trading platforms have been listed under it. And they have curated this list on the bases of the complaints of the customers.

Cryptocurrency Scams in Australia

Before Belgian, we had known that in Australia the cryptocurrency and trading scams are growing at a rapid pace. This is a cause due to people having minimal knowledge of cryptocurrency and are easy to fall for such scams.

Australia has lost are around AU$ 340 million. Out of these, AU$ 2.1 million are scammed with the help of ICO’s. This amount is part of reported cases and if we consider the unreported cases then amount might be much larger.

Thus it depends on the investor to be safe and not to fall for cryptocurrency scams. Always we must learn about the scams taking place from the news, So when it happens to us as investors we know its a scam and avoid it or else report it.


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