The Financial Services and Markets Authority (FSMA) has published a report highlighting that cryptocurrency scams and fraudulent trading platforms continue to account for about half of all reported fraud cases. In the second half of 2024, Belgian consumers reported losses of €15.9 million due to fraud, with over €12.5 million attributed to fraudulent trading platforms related to cryptocurrency investments. The FSMA received a total of 2,621 reports of unauthorized activities in 2024, a 20% increase compared to the previous year. The FSMA also warned against "recovery room" fraud, where victims of initial investment fraud are targeted again, and emphasized the risks of prop trading firms that exploit consumers' financial naivety.



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