Belgian Website to alert Crypto Investors about Scams

Belgium authorities are supporting a new website constructed for the unsuspecting public to notice attributes of a possible crypto scam on the Internet
06 June 2018   1824

The title ‘Too Good To Be True’  admonish the investors that practically everyone could create a crypto token and thus make it the “hype of the year.” It might be applied for “scams, drug trafficking, terrorism or any other criminal activity’’ and therefore it is necessary to be vigilant to see the signs of a potential fraud. The country doens`t have different regulations for cryptocurrencies as it is considered to be the other forms of digital money.

As crypto scammers seem so reliable, it is claimed that anyone looking to fund an Initial Coin Offering should research the people behind the project, which usually pledges great returns. It is also recommended to be careful with the site when “paying online with cryptocurrencies, investing in sports betting with crypto coins, and other platforms for investments in virtual currencies.” 

Another prominent feature on the website is a search bar that the developers assure they can help internet users to find out whether a website is fraudulent or not. This field will likely be filled with user-reported websites as a notice added to the checker service affirms that its developers would not be held responsible for any errors. 

The video includes of testimonial from individuals who became the victims of crypto scammers on the Internet, a highly informative FAQ page, and a ‘report case’ form sum up the other features of the website. The Belgian Federal Public Service Economy and the Financial Services and Markets Authority contributes to the new website as part of an initiative by the Belgian government to create public conversance about cryptocurrencies.

There is also a list of 19 crypto exchanges with presented fraud occasions by customers and warned against investment by members of the public.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   260

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.