Belgium's FSMA Flags Three New Fraudulent Investment Platforms

The Belgium's Financial Services and Markets Authority (FSMA) on Monday has issued a warning against three new entities that are not authorized to provide investment services in Belgium.

These illegal companies are as follows:

• IWL Consulting (www.iwlconsulting.com)

• May Capital Group (www.maycapitalgroup.com)

• South Pass Partners (www.southpasspartners.com)

According to the FSMA’s announcement, the aforementioned firms are allegedly 'boiler rooms', which is a fraud type that generally involves contacting consumers unsolicited, often by telephone, offering to sell them shares or other financial products.

The financial watchdog, therefore, strongly advises against responding to any offer of financial services made by the companies listed above and against transferring money to any account number they might mention.

In June, Fazzaco reported that the FSMA has ordered embattled crypto exchange Binance​ to immediately cease serving local customers.