Belgium’s financial markets regulator has added six crypto platforms to its warning list after finding they are operating in the country without the authorization required under the European Union’s Markets in Crypto-Assets MiCA framework.
Summary
- Belgium’s FSMA has warned consumers against six crypto platforms operating without MiCA authorization, signaling the start of stricter enforcement after the EU’s July 1 licensing deadline.
- Belgium’s financial regulator has added six unauthorized crypto firms to its warning list and urged investors to verify providers through the official MiCA register.
- Following the end of the EU’s MiCA transition period, Belgium’s FSMA has flagged six crypto service providers for operating without the required authorization.
According to Belgium’s Financial Services and Markets Authority (FSMA), the six crypto-asset service providers (CASPs) named in the latest warning are Aurum Foundation, Bank Bit, Bithf Pro, Dxago, Global Dynamic Trade and ZeriaFunding.
The regulator said these firms have been included in its list of fraudulent CASPs because they are offering services in Belgium without the authorization required under MiCA rules.
Issued just days after the European Union’s July 1 licensing deadline, the notice comes as national regulators begin enforcing the bloc’s new crypto framework following the end of the transitional period. The FSMA urged consumers not to respond to offers from the listed firms and advised them to verify whether a crypto service provider appears in its official register before using its services.
Enforcement begins after MiCA transition ends
With the transitional arrangements now over in Belgium, the FSMA said only authorized CASPs are permitted to provide regulated crypto services in the country. These services include crypto custody, trading platforms, crypto-to-fiat and crypto-to-crypto exchange, order execution, transfer services, investment advice and portfolio management.
At the beginning of July, Belgium’s national transition period expired, bringing the country in line with the EU-wide requirement that existing crypto businesses either secure MiCA authorization or stop offering regulated services. The licensing deadline has become an important compliance milestone for exchanges and other digital asset companies operating across the European Union.
Introduced at the end of 2024, MiCA establishes a single regulatory framework for crypto-asset issuers and service providers throughout the EU. Instead of following different national licensing systems, firms seeking to operate across member states are expected to obtain authorization under the common rulebook before offering regulated crypto services.
Consumer checks remain central to regulator guidance
Alongside its latest warning, the FSMA reminded consumers that crypto assets remain exposed to significant risks. According to the regulator, digital assets can experience sharp price swings, suffer from limited liquidity in certain market conditions and are not protected by a compensation scheme that would reimburse investors if losses occur.
For that reason, the FSMA encouraged users to confirm a provider’s regulatory status through its official CASP register before transferring funds or opening accounts with any crypto platform. The regulator said investors should avoid engaging with firms that are not authorized to operate under the MiCA framework.
Elsewhere in Europe, crypto companies have continued adjusting their regulatory strategies ahead of the new licensing regime. On June 24, crypto exchange Binance withdrew its MiCA license application submitted in Greece and said it planned to pursue authorization in another European jurisdiction before continuing its operations under the new framework.
At the time, Binance stated that it was not exiting the European market but acknowledged that some customers could experience temporary effects while the company worked through regulatory requirements. The development illustrates the operational changes many crypto firms are making as regulators across the European Union begin applying MiCA authorization rules following the July 1 deadline.
