The Belgian government is giving full support to a website that is created to warn all cryptocurrency investors about the rising potential for fraud. The website is dubbed “Too Good to Be True.”
In order to legally operate in Belgian financial markets, all cryptocurrency organisations or companies should have a legal license, according to the developed website. No company without a license shall be mentioned in the website's database.
The developed website is being partially manned by Belgian Federal Public Service Economy and the Financial Services and Markets Authority.
Since tokens can be easily developed, they can be poorly mismanaged and spent in unlawful activities. Therefore, responsible authorities are critically citing the dangerous side of tokens plus all illegal functions such as drug trafficking, scams, terrorism and many more bad activities.
The well-developed website warns about the possible signs of potential fraud activities that are linked to the cryptocurrency space.
The website goes further to offer extra advise that any human being planning to fund a token sale should make a thorough research on the person behind a project, ask for clear information about the project, be careful if a project promises large returns and avoid sharing any personal information.
The website clearly statedthat:
“Collision with crypto coins can take different forms. Scammers try to trap consumers in different ways. Be extra cautious when paying online with cryptocurrencies, when investing in sports betting with crypt coins and with platforms for investments in crypto coins.”
The website also has a website checker that is placed on the homepage that is used to identify whether the website is genuine or is a fraud.
The users have to keep in mind that the developers are not at all responsible for any errors in the system as mentioned on the website.