Belgium's Financial Services and Markets Authority (FSMA) has added 51 entries to its list of fraudulent trading platforms, according to Finance Magnates, which reported the update on 24 September 2026.
What was announced
The report counts roughly 150 platforms flagged this year, close to the 157 named in all of 2025 with three months still to run. The new list is the largest of four published in 2026, following 24 names in March, 47 in April and 25 at the end of June. Ten of the 51 entries are not trading platforms themselves but websites that steer consumers towards them. Three are described as clones of other firms.
Some names mimic Dutch or French wording, and some add "ai" to their web addresses. The report also notes that in August the FSMA warned about fake news pages imitating well-known media brands that led readers to a platform called BitKeltTrade.
On losses, the article says reported losses on fraudulent trading platforms were EUR 8.5 million in the first half of 2026, down from EUR 11.9 million a year earlier and lower for the third half-year in a row. These platforms made up 66.5% of the EUR 12.7 million Belgians reported losing in that period, mostly in investments presented as crypto-linked. The FSMA received 1,277 reports about unlawful activity, against 1,289 a year earlier.
The FSMA says its list is incomplete but frequently updated, and the dashboards count only losses that victims report.
Why it matters for traders
Falling reported losses are encouraging, yet the growing number of named platforms shows how quickly new sites appear. A regulator blacklist is a snapshot, not a guarantee that an unlisted site is legitimate, and fake news-style adverts and clones remain common entry points.
What to check
- The firm's status on your own regulator's register, not only on warning lists.
- Whether an advert came from a news-looking page you reached through social media.
- Whether the website name closely resembles a known brand but differs slightly.
Sources
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