FSMA Alerts: 17 New Fraudulent Trading Platforms Target Belgians

The Financial Services and Markets Authority (FSMA) has issued an updated advisory concerning deceitful online trading platforms specifically targeting Belgian citizens. The regulatory body has expanded its list to include 17 additional platforms, encompassing both cryptocurrency and FX/CFD trading providers.

The FSMA highlights that these trading platforms employ social media and online advertisements to attract potential victims, enticing them with promises of effortless profits through cryptocurrency trading, trading bots, or educational programs. Subsequently, victims, having provided personal information, face pressure from purported “experts” and “traders” to invest more funds, only to witness their investments disappear.

Among the recently identified entities in the warning are Bit 2.0 Urex, Bitcoin 360 AI, BitiCodes, BitIQ, and Immediate Connect. The comprehensive list is accessible on the FSMA website. The regulator has traced numerous victims back to instances where they submitted contact information on these platforms' websites.

While everything may seem in order initially, attempting subsequent withdrawals reveals unexpected obstacles. Victims are confronted with unforeseen 'taxes,' accompanied by additional fees, cautions the FSMA regarding common fraudulent practices.

The FSMA provides guidance on recognizing investment fraud, incorporating videos and flowcharts illustrating typical scam progressions. Individuals who suspect falling prey to these platforms can lodge a complaint directly with the FSMA or the police.

Several months ago, the FSMA alerted the public to a growing trend where fraudsters emulate prominent banks, a concern flagged since 2021. According to the authority, this deceptive tactic is on the rise.

Fraudsters utilize diverse strategies, reaching out to potential victims via phone or email, particularly those who have disclosed contact information through social media or promotional advertisements. They allure their targets with the promise of substantial returns and guaranteed capital through enticing investment opportunities, as outlined in a recent FSMA announcement.

The Belgian regulatory body notes a surge in complaints about individuals impersonating reputable financial entities, including BGL BNP Paribas Fortis, Bunq, Fineco, Revolut-épargne, Triodos, and the London Stock Exchange. These impostors craft email addresses mirroring those of legitimate banks to conceal their fraudulent activities.