The Belgian Service for the financial services and markets (FSMA) on 4 September said it continues to accept new complaints from users that invested in the cryptocurrency. This writes the Finance Magnates.
Accordingly, the Agency again issued a warning against “the unauthorized activities of numerous cryptocurrency platforms”, offering to do contrary to the Belgian financial legislation investment.
It is noteworthy that the warning made before the meeting of European Finance Ministers to be held this week. Officials are going to discuss the benefits and risks of cryptocurrencies, as well as their regulation. A meeting of the so-called Eurogroup will occur on 7 September in Vienna.
Other European regulators are also showing skepticism about the cryptocurrency and consider them as a threat to financial stability. Recently, the Inspectorate for supervision of the financial organizations of UK have warned against unregistered brokerage companies offering to the Kingdom of cryptocurrency derivatives.
Based on these investigations, the Belgian Service for the financial services and markets, said that companies often offer investment contracts or require investors to transfer money to a Bank account, promising a minimum or absence of financial risk. According to the FSMA, the Agency receives numerous complaints about cryptocurrency platform who refuse to return to customers the money invested or just silently leave the market with investors ‘ money.
The regulator has announced that protection under the law on securities is guaranteed only to those investors who use platforms or other structures registered in the FSMA.