The Rise of Cryptocurrency Fraud
The number of complaints regarding cryptocurrency fraud now accounts for about half of all complaints received by the authority. Scammers are becoming more actively involved with victims who have already lost funds in various financial schemes. These fraudsters promise to help recover the lost money, creating an illusion of recovering the lost funds. As a result, the number of complaints to the FSMA with such complaints in the first half of 2024 increased by 59% compared to the same period last year.
Increasing Reports of Scam
«We are seeing a significant increase in the number of complaints about scammers in the cryptocurrency sector. In the first six months of 2024, the FSMA received 1332 reports of illegal activities, which is 44% more than in the first half of 2023, when 925 complaints were received,» the regulator’s press service reported.
More than half of all complaints, namely 52.3%, come from individuals who have already suffered financial losses due to fraudulent crypto schemes or credit fraud. The remaining requests came from people seeking information about potential scammers or suspicious market participants, who had not yet invested their money in dubious projects.
Call for Regulatory Measures
Several years ago, Belgium took steps to restrict transactions with Bitcoin, and the FSMA has repeatedly urged the government to expedite the development and implementation of rules for regulating cryptocurrencies. These measures are aimed at protecting investors and preventing further financial losses in the face of increasing activity by cryptocurrency scammers.
