Belgium’s FSMA identifies new fraudulent online trading platforms
During the past few weeks, Belgium’s Financial Services and Markets Authority (FSMA) continued to receive complaints from consumers concerning fraudulent online trading platforms that are operating in the Belgian market.
These trading platforms try to arouse consumers’ curiosity by placing scam ads on social media or online video platforms. In these fake ads, a well-known person often explains how to get rich quick. Trading platforms also sometimes use mobile applications to lure victims. These fake ads or mobile applications often offer a virtual currency, trading software or a training course.
After clicking on the ad or downloading the mobile app and having given their contact details, the victims are usually swiftly called by fraudsters presenting a concrete investment proposal (in shares, alternative investment products, virtual currencies, etc.). Other trading platforms contact consumers through dating apps and fake social media accounts.
The FSMA notes that several fraudulent trading platforms offer a so-called ‘affiliate programme’ to consumers. These programmes exhibit signs of a pyramid scheme.
These platforms act very aggressively. Scammers even try to persuade the victims to allow them to take control of their computer remotely in order to make certain money transfers. The fraudsters also try to convince the victims to invest increasingly higher amounts of money. They also make promises of repayment in exchange for one last money transfer. This is a technique to collect even more money from their victims.
Victims who agree to do so complain in particular about finding themselves unable to recover their money, or simply not hearing any more from the platform with which they have invested their money.
These are most likely cases of investment fraud. Fraudsters not only act without the necessary authorizations, but they also divert the invested funds. In such cases, investors are unable to recover their funds because these illegal service providers are generally located abroad.
Various new trading platforms have appeared on the Internet in recent weeks.
The FSMA strongly advises against responding to any offers of financial services made by the following new trading platforms:
- ApexCryptoLive (apexcryptolive.com)
- Asset Management (assetmanagement.co.com)
- BatCoin (www.batcns.vip)
- Bid-IV (bidiv.com)
- Bitnexltd (bitnexltd.com)
- Bn93 (www.bn93.com)
- Caplita (caplita.com)
- Capital365 (capital365.fm)
- Capital-Whale (capital-whale.com)
- Coine-ex (coine-ex.com) (cloned firm)
- Coinsdesk (coinsdesk.org) (cloned firm)
- FHN Capital (fhn-capital.com)
- FortuneFX (fortunefx.io)
- FTMTrade (www.ftmtrade.com)
- GlobalOneMarkets (www.globalonemarkets.com)
- GMT investments (gmtinvestments.com)
- Invest Think (investtg.com)
- Marlpark LTD (www.marlparkltd.com)
- Martyn Service (www.martynservice.com, webtrader.martynservice.trade, www.martynservice.net, www.martyn-services.net) (cloned firm)
- ProfitsVision (profitsvision.com)
- RCE Banque (rcebanque.com)
- Roisea (roisea.com)
- Spotchains (www.spotchains.com)
- Traderactive (traderactive.com, traderactive.net)
- TSXOTC (tsxotc.com)
- Uni-co (uni-co.org, uni-co.io, uni-co.ltd, uni-co.tech)
- Vestapros (www.vestapros.com)
- Vexxsel (vexxsel.online)
- XproGlobal (xproglobal.com)
In order to avoid fraud, the FSMA recommends to investors to always check the identity (company name, home country, registered office, etc.) of the company. If the company cannot be clearly identified, it should not be trusted.