The incidents of fraudsters using cryptocurrencies to carry out their malicious activities is growing as fast as the crypto industry, and in spite of prior warnings by the FSMA, cryptocurrency fraud continues to trap ever more victims in Belgium.

Belgium Financial Services and Markets Authority (FSMA) is working tirelessly to curb these incidents. The agency also reminded investors to be very cautious before making any decision to participate in suspicious virtual coin trading schemes.

Therefore the FSMA has published a new warning today against these forms of fraud. It has also updated the list of cryptocurrency trading platforms for which it has detected indications of fraud, adding 21 new suspect sites. This list now comprises a total of 99 websites.

The agency elaborated that “this list is based solely on observations made by the FSMA on the basis of reports received from consumers. It, therefore, does not include all players that may be unlawfully active in this sector.”

Five of the blacklisted sites were not available at 13:42 UTC on Friday: kryptonexlabs.com, cryptosafe.tech, parel-invest.com, save-coins.com, and tradabank.com.

The FSMA blacklist also names websites that reach out to the victims of earlier crypto frauds. These persons running these websites pose themselves as financial advisors, lawyers, and accountants. They promise victims that they would arrange compensation or to recover their losses in exchange for a fee. The financial contribution by the victim, however, does not result into anything substantial. The FSMA refer these scam websites as ‘Recovery Rooms.’

Belgium Blacklists 21 Websites to List of Crypto Firms Suspected of Fraud

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