FSMA Warns against Clone of CoinDesk and 30 Fraudulent Trading Platforms

<p> The Financial Services and Markets Authority (<a href="https://www.financemagnates.com/tag/fsma/" target="_blank">FSMA</a>), Belgium's financial market regulatory watchdog, flagged 30 <a href="https://www.financemagnates.com/terms/o/online-trading/" target="_blank" id="93afd583-ea4d-45cf-a1e0-8d951e5d8f48_1" class="terms__secondary-term">online trading</a> platforms offering unlicensed services in the country. A clone of CoinDesk, a popular crypto news website owned by venture capital firm Digital Currency Group (DCG), is one of them. </p><p class="MsoNormal">Potential fraudsters' names and website addresses present a broad mix of contracts for difference (<a href="https://www.financemagnates.com/tag/cfds/" target="_blank">CFDs</a>), wealth management and cryptocurrency trading services. Some of these platforms are ApexCryptoLive, Bitnexltd, FortuneFX, Spotchains, Vexxsel and a <a href="https://www.financemagnates.com/terms/c/clone/" target="_blank" id="c02bac54-0735-474c-8969-06d3fdb49589_2" class="terms__main-term">clone</a> website of CoinDesk dubbed Coinsdesk (coinsdesk.org). At the time of writing, the website is no longer available. </p><p class="MsoNormal">The complete list, which was prepared after the Belgian regulator received complaints from consumers, is available on the <a href="https://www.fsma.be/en/warnings/fsma-identifies-new-fraudulent-online-trading-platforms-3">regulator's website</a>.</p><p class="MsoNormal">Fraudsters Use Aggressive Tactics</p><p class="MsoNormal">According to the most recent FSMA press release, the listed platforms act "very aggressively" to obtain new clients and persuade the victims to grant remote access to their personal computers. Popular tactics also include encouraging people to deposit growing sums of money after unsuccessful investments and providing the option to withdraw funds after making one more final deposit. </p><p class="MsoNormal">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.</p><p class="MsoNormal">"Fraudsters not only act without the necessary authorizations, but they also divert the invested funds. In such cases, investors are unable to recover their funds because these illegal service providers are generally located abroad," Belgium's FSMA commented.</p><p class="MsoNormal">The newest list was published two months after the Belgian market watchdog <a href="https://www.financemagnates.com/forex/belgiums-fsma-red-flags-40-trading-platforms-as-fraudulent/">flagged 30 other online trading platforms</a> for their fraudulent activities.</p><p class="MsoNormal">According to the most recent report by the FSMA on financial fraud <a href="https://www.financemagnates.com/forex/financial-frauds-in-belgium-jumped-by-60-in-h1-2021/">published</a> in October 2021, the number of investment scams in the first half of last year jumped by 60% compared to the same period a year earlier.</p> This article was written by Damian Chmiel at www.financemagnates.com.

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Watch Out for This Popular Crypto Exchange Clone

Life is noteasy when you are one of the largest cryptocurrency exchanges by volume andnumber of clients. On the one hand, you deal with regulators in different partsof the world, and on the other, with scammers who try to impersonate yourbrand. Coinbase is well aware of this and has again fallen victim to a clonecompany with the catchy name Coinbaseie.

Coinbaseie is NotCoinbase, Beware of Fraudsters

The UK financial regulator FCA recently warned British investors and savers againstthe activities of people who cold call consumers and send them emails from the Coinbaseie.comdomain, posing as representatives of the popular cryptocurrency exchangeCoinbase.

During theconversation, they encourage setting up a trading account, referring toCoinbase's regulations and reputation. However, as the FCA warns, they have noaffiliation with the real exchange, and sending them any money may involve aserious risk of losing it.

Notably, the FCA has flagged several phone numbers|: +447766855941, +35351571608, +447766855941,+35351571616, +31637827703. The regulator also advises caution with email addresses frommartinharvey@coinbaseie.com and anthonycollins@coinbaseie.com.

Misspellingthe names of fully registered entities is a popular strategy among scammers.The names Coinbase and Coinbaseie differ by only two letters, so many peoplemay not notice the slight difference and think they are contacting arepresentative of the popular platform.

Clones Everywhere

FinanceMagnates hasrepeatedly reported in recent months about fraudsters impersonating popularcompanies offering their services to retail investors. In January, scammers inthe UK posed as Admiral Markets and a few days earlier as XTB.

Victims ofclones also included Westpac and Hargreaves Lansdown, as well as the brokerSpreadex. In November, the FCA warned against an eToro and IG Markets clone,and, in October, against a counterfeit version of the Bitpanda cryptocurrencyplatform.

In order tobetter combat regulatory and cloning issues, Coinbase decided to hire a formerUK minister who joins the broker's advisory council in connection with itsglobal expansion. George Osborne, the previous Chancellor of the Exchequer,will advise the exchange on regulatory affairs and global expansion.

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