Belgian Government Backs Website Warning Investors About Crypto Fraud

Belgium Anti Cryptocurrency Scam

The national government of Belgium is supporting a website that aims to warn investors about the signs of potential crypto fraud.

The website, called “Too Good to be True” is being run partly by both the Belgian Federal Public Service Economy and the Financial Services and Markets Authority. Stating that crypto assets are ” the hype of the year,” the website goes on to warn users on the dangers of crypto, including “scams, drug trafficking, terrorism or any other criminal activity.”

The site advises that anyone considering getting into a token sale to exercise due diligence by researching the people involved in the project, avoiding the sharing of personal info, always asking for clear information about the project, and to be careful if the project promises large returns.

According to the site, scammers often seem reliable, but can still dupe would be investors, explaining that:

“Collision with crypto coins can take different forms. Scammers try to trap consumers in different ways. Be extra cautious when paying online with cryptocurrencies, when investing in sports betting with crypto coins and with platforms for investments in crypto coins.”

The site also includes a website checker on their home page. The site claims it is able to determine if a website is fraudulent, though it continues with a disclaimer that says the developers “are not responsible for any errors in the system.”

The website checking service also adds that organizations must have a license to operate on the Belgian financial market. Some sites, however, may not show up despite the lack of a license, and part of the website’s database will be populated by user-reported sites and ICOs.

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