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Belgium’s FSMA updates its crypto warning list with Bears Markets and several other brands

Apr 04 2019
By
Jonathan Smith

 

The Belgian Financial Services and Markets Authority (FSMA) issued an official notice on Tuesday, warning the public against www.bearsmarkets.com, and several others unregulated websites. The regulator said that it has received a number of questions/complaints from consumers regarding those websites and has identified signs of fraud.

               

FSMA repeats its warning against the fraudsters behind those platforms who are using cryptocurrencies to swindle consumers,” stated the regulator in its official notice.

 

Bears Markets is a CFD broker with a clear focus on cryptocurrencies. Although it claims to be regulated in Hungary, this is not true, and the broker shows every possible sign of scam – it does not offer testing service and has not announced any reference spreads on its website. It has not even made clear that the nature of its service is offering trading in derivatives such as CFDs, and not exchanging real cryptocurrencies.

 

Apart from Bears Markets, FSMA has also blacklisted the following crypto-trading websites:

www.btckingdom.com

www.directco-invest.com

www.maisonducoins.net

www.novoplacement.com

www.ripae-homine.com

www.tribelylimited.com

 

In its official warning, the Belgium’s financial watchdog has also outlined the typical crypto scam tactic: “…they offer you an investment they claim is secure, easy and very lucrative. They try to inspire confidence by assuring you that you don’t need to be an expert in cryptocurrencies in order to invest in them. They claim to have specialists who will manage your investments for you. You are told that your funds can be withdrawn at any time or that they are guaranteed. In the end, the result is always the same: the victims find themselves unable to recover their money.”

 

Governments around the globe are searching ways to regulate the cryptocurrency market, which has become very popular among investors in recent years. Due to the fact that cryptocurrency trading providers worldwide are largely unregulated, an increasing number of people get scammed out of their money.

 

TAGS: FSMA  Bears Markets  warning  scam  cryptocurrencies  Belgium 
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