Abstract：Belgium’s financial market regulatory body, The Financial Services and Markets Authority (FSMA), recently announced a warning highlighting 30 online trading platforms that are operating without a valid license within the country.
Contracts for difference (CFDs), wealth management, and cryptocurrency trading are those commonly provided services by such fraudulent platforms in question. These include ApexCryptoLive, Bitnexltd, FortuneFX, Spotchains, Vexxsel, and Coinsdesk, a CoinDesk clone website (coinsdesk.org). The website is no longer accessible as of the time of writing.
According to FSMAs update, these platforms then to behave aggressively in attracting new customers and even to the extent of convincing victims to grant remote access to their personal computers. Popular strategies also include giving customers the option to withdraw funds after making one final deposit and enticing customers to deposit increasing amounts of money after unsuccessful investments.
These fraudulent (online) trading platforms use scam ads on social media or online video platforms to pique consumers' interest. At times, these fraudsters will hire a famous figure as an ambassador to increase their credibility. These advertisements also commonly appear within mobile applications to entice victims. These fake advertisements or mobile apps frequently promote virtual currencies, trading software, or training programmes. Victims who have clicked on the advertisement or downloaded the mobile app and provided their contact information are typically contacted right away by fraudsters with a specific investment proposal (in shares, alternative investment products, virtual currencies, etc.). Other trading platforms use phoney social media accounts and dating apps to communicate with customers.
The unfortunate victims who have been scammed often complain that they are unable to get their money back and they often also find that communication get terminated by the fraudsters after they invested their funds. This is a regular tactic used by fraudsters which was highlighted by WikiFX several times previously.
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Users who have been scammed in this manner often complain about the inability to get their money back and the lack of contact with the fraudsters after they invested their money. The FSMA warns that, in most cases, these are blatant examples of investment crime.
Below is a full list of fraudulent online trading platform obtained from FSMAs official website:
• ApexCryptoLive (apexcryptolive.com)
• Asset Management (assetmanagement.co.com)
• BatCoin (www.batcns.vip)
• Bid-IV (bidiv.com)
• Bitnexltd (bitnexltd.com)
• Bn93 (www.bn93.com)
• Caplita (caplita.com)
• Capital365 (capital365.fm)
• Capital-Whale (capital-whale.com)
• Coine-ex (coine-ex.com) (cloned firm)
• Coinsdesk (coinsdesk.org) (cloned firm)
• FHN Capital (fhn-capital.com)
• FortuneFX (fortunefx.io)
• FTMTrade (www.ftmtrade.com)
• GlobalOneMarkets (www.globalonemarkets.com)
• GMT investments (gmtinvestments.com)
• Invest Think (investtg.com)
• Marlpark LTD (www.marlparkltd.com)
• Martyn Service (www.martynservice.com, webtrader.martynservice.trade, www.martynservice.net, www.martyn-services.net) (cloned firm)
• ProfitsVision (profitsvision.com)
• RCE Banque (rcebanque.com)
• Roisea (roisea.com)
• Spotchains (www.spotchains.com)
• Traderactive (traderactive.com, traderactive.net)
• TSXOTC (tsxotc.com)
• Uni-co (uni-co.org, uni-co.io, uni-co.ltd, uni-co.tech)
• Vestapros (www.vestapros.com)
• Vexxsel (vexxsel.online)
• XproGlobal (xproglobal.com)
The number of investment scams increased by 60% in the first half of last year compared to the same period a year earlier, according to the FSMA's most recent report on financial fraud, which was published in October 2021.
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