The Financial Services and Markets Authority (FSMA) has released an updated warning regarding fraudulent online trading platforms targeting Belgian citizens. The regulator added 17 new platforms to its list, a mix of crypto and FX/CFD trading providers.

FSMA Issues Warning on New Wave of Fraudulent Trading Platforms

According to the FSMA, these trading platforms use social media and online ads to lure potential victims with promises of easy money through cryptocurrency trading, trading bots, or training programs. After providing personal information, victims are pressured by “experts” and “traders” to invest more money, which eventually disappears.

Some of the new entities named in the warning include Bit 2.0 Urex, Bitcoin 360 AI, BitiCodes, BitIQ, and Immediate Connect. The full list is available on the FSMA website. The regulator traced many victims back to entering contact information on these platform’s websites.

Source: FSMA

“Everything seems fine. You even manage to recover part of your earnings. However, when you try to make subsequent withdrawals, unexpected problems emerge. You will have to pay unforeseen ‘taxes,’ to which additional fees are added,” the FSMA warns against the common fraudsters’ practices.

The FSMA has published guidance on how to detect investment fraud, including videos and flowcharts showing the typical scam progression. Anyone who believes they have fallen victim to one of these platforms can file a complaint directly with the FSMA or the police.

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