Belgian Regulator Blacklists Another 9 Crypto Websites Suspected of Fraud

The world of cryptocurrency, while brimming with potential, is also unfortunately a breeding ground for scams and fraudulent activities. Investors, both seasoned and new, need to be incredibly vigilant to avoid falling victim to these schemes. The latest news coming out of Belgium highlights this very concern. The Financial Services and Markets Authority (FSMA), the financial watchdog of Belgium, has recently added another 9 websites to its ever-growing blacklist of cryptocurrency platforms suspected of fraudulent activities. This update, announced on October 29th, brings the total number of blacklisted crypto-related websites to a staggering figure, underscoring the pervasive nature of these scams. This action underscores the FSMA's commitment to protecting Belgian investors from the deceptive practices often employed in the crypto space. But what does this mean for you, and how can you ensure your investments are safe? Let's delve into the details of this recent development and explore practical steps you can take to safeguard your assets in the volatile world of crypto.

The Financial Services and Markets Authority (FSMA) has added 21 new websites of suspected cryptocurrency scams to its blacklist. Belgium s financial regulator published the list on its official website, bringing their tally of suspected crypto scams in the country to 99. The agency found that despite their prior warnings concerning the risks associated with crypto

The FSMA's Ongoing Battle Against Crypto Scams

The Financial Services and Markets Authority (FSMA) has been actively monitoring and combating fraudulent activities in the cryptocurrency market for quite some time. Their primary weapon in this fight is the blacklist, a publicly available list of websites that they suspect of engaging in fraudulent investment offers related to cryptocurrencies. This list is continuously updated based on feedback from consumers who have reported being targeted or victimized by these scams.

The Financial Services and Markets Authority (FSMA) has added 21 new websites of suspected cryptocurrency scams to its blacklist. Belgium s financial regulator published the list on its official website, bringing their tally of suspected crypto scams in the country to 99.

The recent addition of 9 new websites is just the latest in a series of updates. In fact, the FSMA added 21 new websites to the list shortly before this latest announcement. This constant updating highlights the dynamic nature of these scams, with new platforms and schemes constantly emerging. It's a cat-and-mouse game, and the FSMA is working hard to stay one step ahead of the fraudsters.

The agency can be seen updating the list with 28 fraudulent websites last September, followed by 21 websites on October. Read more: Belgium blacklists another 21 of fraud suspected crypto websites; Belgian finance authority adds 28 new crypto sites to their warning list

The Growing List: A Concerning Trend

The rapidly expanding blacklist paints a worrying picture of the state of the cryptocurrency investment landscape. Initially, the FSMA's blacklist contained a smaller number of websites, but it has since ballooned to include a significant number of platforms. This increase suggests that either the number of fraudulent crypto schemes is on the rise, or that the FSMA is becoming more effective at identifying and flagging these suspicious websites. Perhaps it is a combination of both factors. Regardless, the sheer number of blacklisted websites serves as a stark reminder of the risks involved in cryptocurrency investments.

According to recent figures, Belgian investors reportedly lost around $2.5 million to crypto scams in 2025 alone. While this may represent only a small percentage (around 4%) of overall crypto fraud cases, with total losses estimated at $152 million, it still underscores the tangible financial harm these schemes can inflict on individuals.

Why are these websites blacklisted?

The FSMA blacklists websites based on various factors indicating potential fraudulent activity. These factors often include:

• Unrealistic promises of high returns: Scammers often lure investors with promises of guaranteed and extraordinarily high returns, which are simply unsustainable and unrealistic.
• Aggressive marketing tactics: High-pressure sales tactics, such as limited-time offers or insistent calls from “account managers,” are often employed to pressure individuals into investing quickly without proper due diligence.
• Lack of transparency: Fraudulent websites often lack clear information about the company's background, registration, and regulatory compliance.
• Difficulty withdrawing funds: Victims often report difficulty withdrawing their funds, even when the website initially appears legitimate.
• Unsolicited investment offers: Be wary of unsolicited investment offers, especially those received through social media or email.

Examples of Blacklisted Websites

While the FSMA does not publicly disclose the exact names of all the blacklisted websites for legal reasons, it is important to be aware of the types of platforms that often appear on these lists. These typically include:

• Cryptocurrency trading platforms: These websites offer a platform for buying, selling, and trading various cryptocurrencies.
• Investment schemes: These schemes often promise to invest your cryptocurrency in high-yield projects or trading strategies.
• Cloud mining services: These services offer to mine cryptocurrencies on your behalf, often requiring an upfront investment.

How to Protect Yourself from Crypto Scams

Given the prevalence of crypto scams, it is crucial to take proactive steps to protect yourself and your investments. Here are some actionable tips to help you navigate the crypto landscape safely:

1. Do your own research: Before investing in any cryptocurrency or platform, conduct thorough research. Look into the project's team, technology, and whitepaper. Read independent reviews and opinions from trusted sources.
2. Be wary of unrealistic promises: If an investment opportunity sounds too good to be true, it probably is. Be especially skeptical of promises of guaranteed high returns.
3. Check for regulatory compliance: Ensure that the cryptocurrency platform or investment scheme is registered and compliant with relevant regulations in your jurisdiction.
4. Use secure wallets: Store your cryptocurrencies in a secure wallet, preferably a hardware wallet, which is a physical device that stores your private keys offline.
5. Enable two-factor authentication (2FA): Enable 2FA on all your cryptocurrency accounts to add an extra layer of security.
6. Be cautious of unsolicited offers: Never invest in a cryptocurrency or platform based on unsolicited offers received through social media, email, or phone.
7. Report suspicious activity: If you suspect that you have been targeted by a crypto scam, report it to the FSMA or other relevant authorities.

The Limits of the Blacklist

It's important to remember that the FSMA's blacklist is not a foolproof solution. The fact that a website is not on the blacklist does not guarantee its legitimacy. New scams are constantly emerging, and it takes time for the FSMA to investigate and add them to the list. Furthermore, the FSMA does not have the power to shut down these fraudulent websites. They can only warn the public about the potential risks.

The domains have not been shut down or blacklisted by the regulator. While this has occurred in the past for example, coin mixing service bestmixer.io was shuttered this past spring by numerous European authorities the FSMA does not have the ability to shut down sites it suspects of fraud.

Therefore, the blacklist should be seen as just one tool in your arsenal for protecting yourself from crypto scams. Ultimately, it is up to each individual investor to exercise caution and conduct their own due diligence.

The Role of Consumer Education

Recognizing the need for greater awareness of the risks associated with cryptocurrency investments, the Belgian financial authority FPS Economy (FPS) launched a website in June 2025 aimed at educating the public. This initiative highlights the importance of consumer education in combating crypto fraud. By providing clear and accessible information about the risks involved, the FPS hopes to empower investors to make more informed decisions.

Key Areas of Focus in Crypto Education:

• Understanding Blockchain Technology: A basic grasp of how blockchain works can help investors differentiate legitimate projects from potential scams.
• Identifying Red Flags: Knowing the common warning signs of crypto scams, such as promises of guaranteed high returns, aggressive marketing tactics, and lack of transparency.
• Risk Management: Understanding the volatility of the cryptocurrency market and managing risk accordingly through diversification and setting stop-loss orders.
• Secure Storage Practices: Learning how to securely store cryptocurrencies in wallets and protect private keys from theft.
• Regulatory Landscape: Staying informed about the evolving regulatory landscape for cryptocurrencies in Belgium and other jurisdictions.

The Global Problem of Crypto Fraud

While the FSMA's actions are focused on protecting Belgian investors, it is important to remember that crypto fraud is a global problem. Scammers often operate across borders, making it difficult to track them down and prosecute them. This international dimension underscores the need for greater cooperation between regulatory agencies and law enforcement agencies around the world to combat crypto fraud effectively.

Many countries are grappling with similar challenges, and regulators are taking various approaches to address the issue. Some are focusing on stricter regulations for cryptocurrency exchanges, while others are prioritizing consumer education and enforcement actions against fraudulent schemes.

What does this mean for the future of crypto in Belgium?

The FSMA's continued efforts to combat crypto fraud are likely to have a significant impact on the future of cryptocurrency in Belgium. By cracking down on fraudulent activities, the FSMA aims to create a more secure and trustworthy environment for legitimate crypto businesses to operate. This could, in turn, encourage greater adoption of cryptocurrencies by individuals and institutions.

However, it is also possible that stricter regulations could stifle innovation and discourage legitimate crypto businesses from operating in Belgium. Finding the right balance between protecting investors and fostering innovation will be a key challenge for the FSMA in the years to come.

Conclusion: Staying Vigilant in the Crypto World

The FSMA's recent blacklisting of another 9 crypto websites underscores the ongoing threat of fraud in the cryptocurrency market. While the FSMA and other regulatory bodies are working hard to protect investors, ultimately it is up to each individual to exercise caution and conduct their own due diligence. Remember to do your research, be wary of unrealistic promises, and report any suspicious activity you encounter. The world of cryptocurrency offers exciting opportunities, but it is essential to approach it with a healthy dose of skepticism and a commitment to protecting yourself from scams. The Financial Services and Markets Authority (FSMA) is providing a valuable service, but awareness is key. Stay informed, stay vigilant, and invest wisely. By prioritizing education and security, you can navigate the complexities of the crypto landscape and participate in this exciting new technology with confidence. Don't be a victim; be an informed and responsible investor. Always remember that the best defense against crypto scams is knowledge and careful planning.