Belgian Government Launches Online Platform to Prevent Cryptocurrency Fraud

The Belgian government has responded to a rising amount of scams related to cryptocurrencies by launching a special online site, where investors can receive advice on the participation in ICOs and handling cryptos.

According to Belgium’s Federal Public Service Economy, SMEs, Self-Employed and Energy, in 2018 alone, at least 118 victims reported they lost 2.2 million euros in total because of scams. This is only the tip of the iceberg: only 4% of fraud cases are reported. The annual damage from crypto scam is estimated to be worth around 130 million euros. 

The site address is tropbeaupouretrevrai.be, which is translated from French as “Too Good to Be True”. The site is available in French and Dutch. 

Visitors of the site are given such advice as “make sure you know your interlocutor: check how long this site has existed and who is in charge of it; if you cannot obtain reliable data, it is better not to get involved in the project”, “do not share your personal data with people whom you do not know well”, or “avoid projects that promise an unusually high profit”.  

Also, investors can check if the project they are going to participate in has been reported as fraud. 

The entire section of the site is dedicated to evidence collected from victims. Visitors of the site can share their evidence as well.

Governments around the world have expressed concern about cryptocurrency fraud. Lots of countries are working on cryptocurrency legislation, some have banned cryptocurrencies. As for educational initiatives, the Securities and Exchange Commission of the United States of America has recently launched a site of a fake ICO to educate investors.