The SICP has updated ongoing Fraudlist of businesses reported to operate cryptocurrency scams. Various regulators, sites, jurisdictions...

Platform has, on several occasions, warned the public against the activities of various companies that are operating unlawfully in different jurisdictions. This list comprises all those companies that have been the subject of an identified in the course of the past some years.

The list includes:

- companies that offer, in or from financial services and products without complying with financial legislation (no authorization / failure to publish a prospectus / etc.);
- companies about which, in addition to any infringements of the financial legislation and regulations, the latter has identified serious evidence of investment fraud;
- companies behind "recovery room" fraud.

This list cannot be considered as exhaustive.

Note:

1. The fact that the SICP has not published a warning about a company does not mean that the latter company holds the necessary authorization or registration to operate. Although the Platform does everything it can to publish a warning as soon as possible, it is not impossible that a company engages in activities before such a warning has been published. As a result, the list cannot be considered as exhaustive, and investors are always advised to check if a company that is offering them a financial service holds the requisite authorization or registration. They can do so using the search function on the SICP website.

2. The SICP also points out that in general, such unlawful offers of financial services often constitute fraud. In such cases, it is almost impossible for victims to recover the sums invested.

3. Be wary of "cloned firms'. These are companies that pass themselves off as different, regulated undertakings even though they in fact have no connection with the latter. Investors can detect this type of fraud by comparing the email addresses or contact details for the companies in question.

Sources:

List of companies operating unlawfully in Belgium | FSMA.

U.S. Department of the Treasury.

Financial Services Register - MFSA.

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