TLDR
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Belgium FSMA flags six crypto firms operating without CASP approval
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MiCA deadline pushes EU crypto firms into stricter licensing phase
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FSMA urges Belgium users to verify providers before using platforms
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Six named crypto providers join FSMA’s fraudulent CASP warning list
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Crypto users face volatility, liquidity risks, and no loss protection
Belgium’s FSMA flagged six unauthorized crypto providers after MiCA’s licensing deadline moved the market into enforcement. The regulator said the firms offered crypto services without CASP authorization. The warning gives Belgium users a direct signal to verify providers before using any platform.
FSMA Names Six Firms Operating Without Authorization
The Financial Services and Markets Authority identified six entities active in Belgium without approval. It named Aurum Foundation, Bank Bit, Bithf Pro, Dxago, Global Dynamic Trade, and ZeriaFunding. The regulator added them to its fraudulent CASP list.
The FSMA said MiCA now requires crypto-asset service providers to hold authorization. Therefore, companies must secure CASP status before offering services in Belgium and across the European Union. The rule covers custody, trading platforms, exchanges, transfers, advice, and portfolio management.
The regulator strongly advised the public against accepting offers from the named companies. It also urged users to check the official CASP register before choosing a provider. However, the FSMA said its fraudulent CASP list remains non-exhaustive and receives regular updates.
MiCA Deadline Starts A Tougher Compliance Phase
MiCA entered into force at the end of 2024 and created common EU crypto rules. The framework set a licensing path for crypto providers and issuers. Belgium now applies that structure through its national supervision and public warnings.
New crypto-asset service providers needed CASP authorization from December 30, 2024. Existing providers received a transitional period, but that window ended on July 1, 2026. As a result, firms without authorization must stop offering regulated crypto services.
The Belgium warning shows how regulators are moving from rulemaking into direct enforcement. It also shows that national watchdogs can identify firms after the transitional deadline. Platforms must prove authorization before they target users in Belgium.
FSMA Points To Crypto Risks And User Checks
The FSMA also warned that crypto assets carry major market risks. Prices can move sharply, and liquidity can fall during stressed conditions. Because of that, users may struggle to sell assets at their preferred time or price.
The regulator also pointed to risks around social media promotion. Some campaigns may present confusing, incomplete, or misleading information about crypto assets. Belgium users therefore need to compare marketing claims with official regulatory records.
The FSMA further said crypto losses do not receive compensation protection like some traditional products. That point places more responsibility on users before they open accounts or transfer funds. For Belgium, the message remains direct: check authorization before using any crypto provider.
