The Belgian financial supervisory authority, the Financial Services and Markets Authority (FSMA), has issued a warning against the unauthorized activities of multiple platforms that offer investments in the country without complying with Belgian financial legislation.
The FSMA operates as a watchdog for financial trading, securities and markets in Belgium, overseeing a variety of asset and compliance issues for traders and consumers. Today’s warning is the latest move in its efforts to crack down on companies that engage in fraudulent activity.
The agency has also managed to catch up over the past few months, filing standalone lawsuits against cryptocurrency operators. This is the latest effort by the FSMA to control rampant internet-based cryptocurrency schemes, which operate in a zone regulated by the watchdog.
Latest additions include:
- Agartha Asset Management (www.agarthaassetmanagement.com)
- Antarimarkets (www.antarimarkets.com)
- Apex500 (www.apex-500.com)
- Brokeragea (www.brokeragea.com)
- Caliber (www.calliber.io)
- Capital Professional Reserve (www.cp-r.net) (cloned firm)
- Concept Blue (www.concept-blue.com) (cloned company)
- Cryptosaving (www.cryptosavings.io)
- CTmatador (www.ctmatador.com and www.platform.ctmatador-pro.com)
- DCMGROUP (www.dcmgroup.io)
- EJMarkets (www.ejmarkets.com)
- Europa Trade Capital (www.europatradecapital.com)
- EuroTrade (www.eurotrade.co)
- FinsRoyal (www.finsroyal.com)
- Foxane (www.foxane.com)
- Fxpoint (www.fxpoint.co)
- Glenrocks (www.glenrocks.com)
- Globalxtrades (www.globalxtrades.com)
- High Capital (www.high-capitals.com)
- Introtrade (www.introtrade.pro)
- Infinity4x (www.infinity4x.com)
- Kardon Capital (www.kardoncapital.com)
- LPLeurope (www.lpleurope.com)
- LPL Invest (www.lplinvest.com)
- Oriontero (www.oriontero.com)
- Slimhandel (www.slimhandel.com)
- Soltechx (www.soltechx.com)
- Standpoint Finance (www.standpointfinance.com)
- Ti-GI (www.ti-gi.com)
- Top Capital 24 (www.topcapital24.com) (cloned company)
- Towards Source (www.towardssource.com)
- Traderhouse (www.traderhouse.com)
- Trade Horizon (www.tradehorizon.com and www.tradehorizon2.com)
- Trends Turbo (www.trends-turbo.com)
- ualgo (www.ualgo.com)
- World Markets (www.worldmarkets.com)
- Word Wide Brokers (www.worldwidebrokers.co)
- x-tradebrokers (www.x-tradebrokers.com)
The aforementioned companies are not authorized investment firms in Belgium. They are therefore not authorized to provide investment services in or from the country.
On this basis, the FSMA strongly advises against responding to offers of financial or collection services made by the companies listed above and transferring money to any account number they may mention.
To benefit from the protections offered by securities laws when trading digital assets, investors must use a platform or entity registered with the FSMA, the regulator said.
Cryptocurrency companies operating in Belgium must apply for a license from the country’s financial watchdog when new anti-money laundering (AML) regulations come into effect.
Applicants for authorization must demonstrate to the Belgian Financial Services and Markets Authority (FSMA) that they have sufficient capacity, consistency and solvency to manage the business.
As part of their plans, the FSMA imposes a minimum capital requirement of €50,000 ($53,000) and mandates a corporate structure on crypto-asset-related businesses to register with the country’s regulator.
Once the new regulations come into force, it would require crypto exchanges, wallet providers and crypto custodial providers operating in Belgium to register with a financial regulator and prove they meet the requirements. AML if they wish to continue their operations.