Belgium’s financial markets regulator has added six cryptocurrency platforms to its warning list after it was found to be operating in the country without the required license under the EU’s Markets in Crypto Assets (MiCA) framework.
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- Belgium’s FSMA has warned consumers about six cryptocurrency platforms operating without a MiCA licence, signaling the start of stricter enforcement after the EU’s July 1 licensing deadline.
- The Belgian financial regulator has added six unauthorized cryptocurrency companies to its warning list and urged investors to verify service providers through the official MiCA registry.
- Following the end of the EU MiCA transition period, the Belgian FSMA has flagged six cryptocurrency service providers for operating without the required license.
According to According to the Belgian Financial Services and Markets Authority (FSMA), the six crypto asset service providers (CASPs) mentioned in the latest warning are Aurum Foundation, Bank Bit, Bithf Pro, Dxago, Global Dynamic Trade and ZeriaFunding.
The regulator said these companies were included in its list of fraudulent CASPs because they provide services in Belgium without obtaining the license required under MiCA rules.
It was released a few days after EU licensing on July 1st Delivery timeThe notice comes as national regulatory bodies begin implementing the bloc’s new cryptocurrency framework after the end of the transition period. The FSMA urged consumers not to respond to offers from listed companies and advised them to check whether a cryptocurrency service provider appears on its official register before using its services.
Execution begins after the MiCA transition has finished
With the transitional arrangements now over in Belgium, the FSMA said that only approved crypto providers are allowed to offer regulated cryptocurrency services in the country. These services include cryptocurrency custody, trading platforms, exchange of cryptocurrencies for fiat currencies, order execution, transfer services, investment advice, and portfolio management.
At the beginning of July, the national transition period ended in Belgium, bringing the country in line with EU-level requirements that existing cryptocurrency companies either obtain a MiCA license or stop providing regulated services. The licensing deadline has become a compliance milestone for exchanges and other digital asset companies operating across the EU.
It will be introduced at the end of 2024, Mika It creates a single regulatory framework for crypto asset issuers and service providers across the EU. Rather than following different national licensing regimes, companies seeking to operate across member states are expected to obtain a license under the common rulebook before offering regulated cryptocurrency services.
Consumer checks remain a key element of the regulator’s 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 fluctuations, suffer from limited liquidity in certain market conditions, and are not protected by a compensation system that would compensate investors in the event of losses.
For this reason, the FSMA has encouraged users to confirm a provider’s regulatory status through its official CASP register before transferring funds or opening accounts on any cryptocurrency platform. The regulator said investors should avoid dealing with companies that are not authorized to operate under the MiCA framework.
Elsewhere in Europe, cryptocurrency companies have continued to adjust their regulatory strategies ahead of the new licensing regime. On June 24, cryptocurrency exchange Binance withdrew its MiCA license application Submitted In Greece, it said it plans to obtain a license in another European jurisdiction before continuing its operations under the new framework.
At the time, Binance said it would not exit the European market but acknowledged that some customers may experience temporary impacts while the company works through regulatory requirements. This development demonstrates the operational changes being made by many cryptocurrency companies as regulators across the EU begin implementing MiCA licensing rules after the July 1 deadline.
