Belgium’s Financial Services and Markets Authority (FSMA) reported that crypto scams and fraudulent trading platforms accounted for 50% of all fraud reports in the first half of 2024. This highlights the ongoing issue of illicit crypto activities in Belgium.
In the first six months of 2024, the FSMA issued nine warnings, identified 187 fraudulent entities, and uncovered 239 associated websites. Consumer notifications of these activities rose to 1,332, a 44% increase from the previous year’s 925 notifications. The FSMA also addressed fake investment games and identity theft involving its name.
The domestic crypto landscape saw significant changes, including Bit4You suspending activities after CoinLoan’s insolvency, and the FSMA ordering Binance to halt services in Belgium. These moves underscore the FSMA’s commitment to protecting consumers from crypto fraud, crucial for long-term market integrity.
