Belgium's Financial Services and Markets Authority (FSMA) has issued warnings against six crypto platforms operating without proper authorization under the European Union's Markets in Crypto-Assets (MiCA) framework. According to reports from the FSMA, the unauthorized platforms are Aurum Foundation, Bank Bit, Bithf Pro, Dxago, Global Dynamic Trade and ZeriaFunding. These firms have been included in the regulator's public list of fraudulent crypto asset service providers (CASPs) because they are offering services in Belgium without the required authorization under MiCA rules. The FSMA warned consumers that these firms were active in the Belgian market after the EU transitional period ended on July 1 and before obtaining the required MiCA authorization. The authority stressed that the list is not exhaustive and is updated regularly, indicating ongoing vigilance against unauthorized operators.
The warnings were issued just days after the European Union's July 1 licensing deadline, marking the end of the transitional period for MiCA compliance. As reported by the FSMA, with the transitional arrangements now over in Belgium, 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. Under MiCA, new providers have needed authorization since December 30, 2024, while existing firms were given a transitional period that expired on July 1, 2026. National supervisors across the EU have begun enforcing the MiCA licensing requirement at the country level, with some firms altering or withdrawing authorization applications as they seek to comply with the new rules. The July 1 deadline has become an important enforcement moment, allowing regulators to more clearly differentiate between entities actively complying with authorization requirements and those that continue to market services without approval.
The FSMA has urged consumers not to accept offers from the listed firms and advised them to verify whether a crypto service provider appears in its official register before using its services. According to the regulator, crypto assets remain exposed to significant risks including sharp price swings, limited liquidity in certain market conditions, and lack of protection by a compensation scheme that would reimburse investors if losses occur. The FSMA warned that investors may not be reimbursed for losses incurred while using services from unregistered entities, emphasizing the importance of verifying regulatory status through its official CASP register before transferring funds or opening accounts with any crypto platform. The regulator's advice is to avoid the named companies and to verify any crypto-asset provider through the official CASP register before sending funds or relying on services such as custody or trading access. The emphasis matters for users because it shifts the compliance question from "is this company active?" to "is it authorized to operate what it claims to offer in Belgium?"
Introduced at the end of 2024, MiCA establishes a single regulatory framework for crypto-asset issuers and service providers throughout the EU, replacing different national licensing systems. The licensing deadline has become an important compliance milestone for exchanges and other digital asset companies operating across the European Union. 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 FSMA's notice reinforces that MiCA authorization is now the gatekeeper for crypto services offered in Belgium, with the specified CASPs operating without the required permission and therefore falling outside the legal perimeter set by Belgium's MiCA guidance. Unlike traditional financial products, crypto-assets carry no compensation scheme for losses, making regulatory compliance even more critical for investor protection. Given this reminder, authorization is not just paperwork—it can signal that the provider falls under a supervisory perimeter, which matters when liquidity problems or platform disruptions occur.
The FSMA has issued additional warnings about promotion via social media of certain crypto-assets for which the information available may be confusing, incomplete, or even misleading. According to the regulator, crypto assets have specific characteristics that entail considerable risks, including sudden fluctuations in value and limited liquidity that can prevent investors from selling their crypto-assets when and for the price they wish. The authority emphasized that unlike traditional financial products, there is no compensation scheme to cover potential losses from crypto investments. These warnings highlight the importance of verifying regulatory compliance before investing in crypto assets, as the absence of traditional investor protection mechanisms makes regulatory authorization even more critical for consumer protection.
