Belgium’s Financial Services and Markets Authority (FSMA) has issued a warning against the website trading the virtual currency BTC20.
The FSMA has taken notice of the website that distributes the virtual currency BTC20. Btc20.com indicates that it has an address in Belgium.
However, any advertisement disseminated as part of a media campaign promoting virtual currencies in Belgium must be notified in advance to the FSMA. BTC20.com has not submitted a notification to FSMA.
In addition, there are many signs that this is a clearly fraudulent offer:
- FSMA has received several complaints from consumers who say they have not been able to recover the funds they invested.
- The contact information given by btc20.com does not appear to be valid.
- BTC20.com has not responded to repeated requests for information made by FSMA.
Therefore, FSMA strongly advises against responding to any offers made by this company.
The regulator notes that investment fraud is often hidden behind companies operating in the field of virtual currencies.
In order to avoid this type of fraud, FSMA reiterates its recommendation to investors to always check the identity (company name, country of origin, registered office, etc.) of the company offering them an investment. If the company cannot be clearly identified, it should not be trusted.
More than ever, then, prudence is essential. If in doubt and before making any (further) payments, please do not hesitate to contact FSMA using the consumer contact form. Also, don’t hesitate to report any suspicious company that has not yet been warned by FSMA to the regulator.