The FSMA Of Belgium Has Tagged 40 Trading Platforms As 'Fraudulent'

These sites are providing unlawful services in the nation.

The regulator is aggressively alerting the public to fraudulent operations.

One of the most strict European financial market authorities, Belgium's Financial Services and Markets Authority (FSMA), has added the names of 40 trading platforms that are unlawfully delivering financial services in the nation.

Bitalpha AI, Capital Forex Live, Capital One Markets, Cryptoneyx, FX EliteTrader, GFE Markets, Gigachains, Inetmarkets, Marketsbank, Plus12, and many more are among these platforms.

The agency also identified two “websites for trading software and training” that direct users to fraudulent online trading platforms. BiTraderPro and Trading Central are the two names.

The names were created in response to consumer concerns submitted by the Belgian regulator.

None of the names belonged to a well-known commercial company. Rather, they are offshore corporations and fraudulent platforms operating in a market where the retail selling of over-the-counter (OTC) derivatives has already been prohibited.

The FSMA said that the flagged platforms “attempt to stir customers' attention by publishing scam advertising on social media,” and that “a (well-known) individual often explains how to make wealthy fast” in those “false adverts.”

The sites include phony advertisements as part of their virtual currency or trading course offers. The scam artists approach prospective investors who supply contact information and make a “concrete investment proposition.”

Several of these fraudulent trading platforms seek their victims through dating websites. Previously, the FSMA issued a warning about the widespread use of dating sites in trading frauds.

“These platforms behave quite aggressively,” according to the FSMA.

“Scammers will even attempt to convince victims to enable them to remotely access their computers in order to accomplish specific money transactions.” Fraudsters often attempt to persuade victims to invest increasing sums of money. They often offer payback guarantees in return for one final money transfer. This is a method for extorting even more money from their victims.

The new list comes months after the FSMA warned 38 other online trading companies about fraudulent activities.

What exactly is FSMA？

The Financial Services and Markets Authority works to protect the integrity of financial markets and the honest and equal treatment of financial customers.

What is the FMSA's role？

As a regulatory body, the FSMA seeks to guarantee that financial customers are treated fairly and honestly.

It seeks to ensure the fair and orderly functioning of financial markets, as well as their transparency, by ensuring that firms seeking funding on such markets disclose accurate and full information.

It supports adequate financial service supply by ensuring that financial institutions follow relevant rules of conduct, overseeing financial goods, financial service providers, and supplemental pensions, and contributing to consumer financial education.

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