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FSMA warning – 19 cryptocurrency trading platforms involved in fraudulent activities in Belgium

Santhosh M



19 Cryptocurrency trading platforms warned by Belgium's FSMA for fraudulent activities
Source: Pixabay

The Financial Services and Markets Authority [FSMA] is revered as Financial Watchdog of Belgium. They have been receiving complaints from the public about cryptocurrency trading platforms which are involved in fraud. They have issued a public release warning to all the trading platforms involved in these fraudulent activities.

FSMA, in their press release, stated:

“…has received questions or complaints from consumers about and has established indications of fraud”

The authorities have also published a list of as many as 19 platforms on which they have received complaints upon. They have taken up the responsibility to protect the interest of the investors and take necessary actions on all the received complaints.


There are several platforms that are established online which lures the investors by claiming their platform to be transparent, where, both professionals and beginners can trade and make profits.

The list of 19 exchange platform includes:

  1. 01crypto
  2. Btc-cap
  3. Capital-coins
  4. Coinquick
  5. Cryptavenir
  6. Crypto-banque
  7. Crypto-infos
  9. Cryptos-currency
  10. Ether-invest
  11. Eurocryptopro
  12. Finance-mag
  13. Gme-crypto
  14. Gmtcrypto
  15. Good-crypto
  16. Mycrypto24
  17. Nettocrypto
  18. Patrimoinecrypto
  19. Ydconsultant

The types of complaints range from ‘money invested which cannot be reclaimed’ to ‘losing contact with the trading platform once their money is invested’.

FSMA also mentioned:

“They claim to offer the best (or one of the best) trading platform(s) on which, both beginners and professionals can trust and trade on instantly”

One of the customers told FSMA:

“I invested via a platform that claimed to have a license. When I asked for the refund of my money, I was promised that my money would be refunded on a certain date. However, I have never received anything and now I do not even get access to the platform.”

If the issue still persists and they receive more complaints, then necessary actions will be taken to terminate the trading platform. Although, clear and proved statements will be necessary in order to take such stringent actions.

The agency cleared the air on the fact that the above list does not include all questionable cryptocurrency trading platforms but only the ones which were reported by consumers.

The agency states:

“Many platforms for crypto trade promise a guaranteed return or full capital protection. However, those promises are one big illusion in the crypto-coin sector! If an offer is fraudulent, the promised guarantee is undoubtedly [too].”

FSMA also clearly stated that no supervision is being exercised on online platforms that are in cryptocurrency sector currently. As a warning, they have asked all the investors to be cautious and also remain guarded against any signs of fraud. They have requested the investors to verify the identity of the company before investing.

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Santhosh is a full-time reporter at AMBCrypto. He is an engineer with a major in Mathematics and Computer Science. He developed a key interest in the blockchain space and has been studying and researching about it ever since. He is currently authoring a book on Blockchain and its use cases in the Education domain. He currently does not hold any value in any cryptocurrency or its projects.

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Fake email imitating PayPal “warning” against Bitcoin and crypto purchases spooks users

Sthuthie Murthy



Fake email allegedly from PayPal spooks users
Source: Pixabay

PayPal users received an e-mail with a warning message asking them to cease any cryptocurrency related activity.

John Wesley, a PayPal user commented to this Cryptocurrency warning:

“I am holding an account from 17 years and just out of nowhere I got an email linked to my message this morning.”

He was among the almost 200 million users who received official emails from the company with a letterhead that was titled ‘Cryptocurrency Warning.’


The message read,

“While reviewing your account, we noticed that your activity involves the trading or transfer of crypto currency which is prohibited under our Acceptable Use Policy. As this is not permitted on the PayPal platform we ask that you cease any activity that results in the trading or transfer of crypto currency. If you continue to engage in this activity on PayPal, we’ll be unable to continue offering our services.”

PayPal Holdings, Inc is an American company that is almost two decades old which operates online payments system across the globe. It is an alternative to traditional paper works and other payment methods as this is completely digital and electronically handled. Many huge online vendors, auction sites, and commercial users operate with PayPal for payment for which the company charges a nominal transaction fee in exchange for benefits.

The email

The warning came with a pre appreciation message.

Many users who tried to reply or contact the company officials have noticed and reported that the emails were not genuine. The company’s customer care officials have also replied to users who tried contacting them, confirming that the emails were fake.

The company has not given out any official statements as of now and has requested for some time. They said they will address one complaint at a time as they do not want to whip up a frenzy.

What tricked the users was that the mail was looked legit and instilled fear in everybody. There are speculations and skepticisms in various reddit forums saying this is indirectly related to an attempt to manipulate prices of Bitcoin.

Here are a few user examples who received emails:

Sushanth posted on a forum,

“I got this message from “” addressed to my name with proper text and graphics. It fooled me until I called their phone support to verify it’s fake. PayPal confirmed to me over the phone that the email is fake. PayPal is not banning accounts with cryptocurrency activity. This is a sophisticated attempt to manipulate the price of Bitcoin.”

David Veksler of the Foundation for Economic Education and the Atlanta Bitcoin Embassy explains:

“It appears to be legit, I checked the from address and the DKIM. Then I called PayPal support and she said that from the email address, it does not appear to be legitimate. She then checked my account and said that it is fine – there are no flags of any kind on it. I then posted on the Paypal community site and Reddit, and a bunch of people replied saying that they got the same email.”

A forum commenter questioned, to which another user insisted:

The most recent explanation by a PayPal user was –

“The email address from which the email was received was and not paypa[l].com. The capital ‘i’ was confused for ‘l’.”

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TRON [TRX] Test Net’s countdown launch announced by Justin Sun – Markets turn optimistic!

Neil Kumar



Source: Max Pixel

Justin Sun announced the launch of a countdown timer for TRON’s Test Net which is expected to go live in 12 days on March 31st this year. The TRON community has been waiting for TRON’s Main Net release as it removes the Ethereum dependency and opens doors to a bigger market. The Main Net was initially scheduled for July 1st but now has been preponed to May 31st which could shake things up for TRX.

Justin Sun's announcement of the Test Net countdown

Justin Sun’s announcement of the Test Net countdown

TRON over the past two or three weeks have made major strides in partnerships, updating their tech and getting their tokens listed with various exchanges. Tron, three weeks ago added the former Senior Software Engineer of Meituan and LeEco to their tech to cope with increasing adoption.

Two weeks ago, TRON [TRX] got listed on Bittrex and Upbit, a South Korean exchange which propelled the prices momentarily. It later got added to 6 other exchanges which bumped up the TRX prices again despite the market slow down.


Analysts call the BitGuild and TRON partnership which happened earlier last week to be a game changer as they both share the same vision of a free content entertainment system world-wide.

Both TRON investors and skeptics believe that the Main Net could change things up around and the Test Net will showcase what the team has been working on for so long. Although a clear plan how to change the TRX token from the current ERC-20 to the main net token was not announced, a better clarification from the TRON team is expected soon.

A twitterati believes that this news has come at the wrong time

A Twitterati believes that this news has come at the wrong time

Unlike the tweet above, many from the community believe that this news comes in at the right time and there is a possibility of it coinciding with the time the markets bounce back from its current bearish grip, which if it does could possibly lead to a massive bull run lead by TRON.

Bill Carlton, a TRON investor says,

“Man, I can’t believe they are worried about the price, get smart people, not everything is about the money. TRON has in the past one month done more than most other shitcoins out there. If you have a good token to begin with and an active development team then that’s the recipe for success”

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