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Belgium regulator adds six crypto platforms to warning list
Belgium’s Financial Services and Markets Authority (FSMA) has flagged six crypto-asset service providers (CASPs) for operating in the country without the required authorization under the European Union’s Markets in Crypto-Assets (MiCA) framework. The move follows the end of the EU-wide transitional period and the July 1 licensing deadline, marking a new phase of enforcement across member states.
Which firms were named
The FSMA’s latest notice lists Aurum Foundation, Bank Bit, Bithf Pro, Dxago, Global Dynamic Trade and ZeriaFunding as unauthorized CASPs offering services in Belgium. The regulator said these firms were added to its public list of fraudulent or non-authorized crypto platforms because they have not secured MiCA authorization to provide regulated services locally.
Why the warning matters for crypto users
Under MiCA, CASPs that provide regulated crypto services must obtain authorization to operate across the EU. Regulated services include crypto custody, digital asset trading platforms, crypto-to-fiat and crypto-to-crypto exchanges, order execution, transfer services, investment advice and portfolio management. With Belgium’s transitional arrangements now expired, only authorized providers may legally offer these services to Belgian consumers.
The FSMA urged investors to verify a provider’s regulatory status before transferring funds or opening accounts, recommending that users consult the official MiCA register and the FSMA’s CASP list. Investors are advised to avoid engaging with firms that are not authorized and to report suspicious offers to the regulator.
Consumer protections and market risks
In its advisory, the FSMA reminded consumers that crypto assets remain high-risk investments. Price volatility, liquidity constraints during market stress, and the absence of a compensation scheme for losses are all key concerns. The regulator emphasized that authorization under MiCA does not eliminate market risk, but it does impose operational, governance and consumer-protection requirements on exchanges and CASPs.
Enforcement accelerates after MiCA transition
MiCA, introduced at the end of 2024, created a single regulatory framework for crypto-asset issuers and service providers across the European Union. The regulation replaced fragmented national licensing systems with a harmonized rulebook, requiring firms that wish to operate in multiple member states to obtain authorization under MiCA.
The July 1 deadline forced many exchanges and digital asset companies to decide whether to seek EU authorization, change business models, or withdraw from regulated services. The FSMA’s action highlights how national regulators are now moving from supervision to active enforcement of MiCA rules.
Industry reaction and cross-border implications
Across Europe, some crypto companies have adjusted their licensing strategies. Notably, Binance withdrew its MiCA application in Greece on June 24 and said it would seek authorization in a different EU jurisdiction, stressing it was not leaving the European market but acknowledging potential temporary effects for some customers. Such strategic shifts illustrate the operational and compliance challenges exchanges face under the new EU crypto framework.
Regulators in other EU countries have signaled similar enforcement efforts, meaning unauthorized CASPs operating in one member state may face action elsewhere if they continue to offer regulated services without MiCA approval.
What investors should do now
- Confirm regulatory status: Check the MiCA register and FSMA’s CASP list before opening accounts or depositing funds.
- Prioritize licensed platforms: Prefer exchanges and custody providers that display clear MiCA authorization and robust compliance programs.
- Understand product risk: Be aware of volatile prices, possible liquidity issues, and the lack of investor compensation schemes for most crypto products.
- Report suspicious activity: Notify the FSMA or local authorities if you suspect a platform is operating without authorization.
Outlook
As MiCA becomes the standard for crypto regulation in the EU, expect more national authorities to publish warnings, revoke unauthorized activity and push CASPs to align with the new regulatory requirements. For market participants and investors, diligence and compliance verification are now essential parts of engaging with crypto exchanges, custody services and other digital asset providers under the EU’s unified regime.
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