Belgium Adds Six Crypto Firms to Fraud List Under Mica Rules

Belgium’s financial markets regulator warned consumers against six crypto-asset service providers (CASPs) it said were operating in the country without authorization, days after the European Union’s Markets in Crypto-Assets (MiCA) licensing deadline took effect. 

On Monday, the Financial Services and Markets Authority (FSMA) identified several CASPs active in Belgium without authorization under MiCA regulation. FSMA named Aurum Foundation, Bank Bit, Bithf Pro, Dxago, Global Dynamic Trade and ZeriaFunding. The regulator said it had added these entities to its list of fraudulent CASPs. 

The warning indicates that national regulators are beginning to apply the MiCA licensing perimeter following the EU’s transitional period, which ended on July 1. 

The Brussels-based regulator strongly advised consumers not to accept offers from the named companies and told users to check whether a provider is listed in its official CASP register. The FSMA also warned that crypto assets can be volatile, may suffer from liquidity limitations and are not covered by a compensation scheme that could reimburse users for potential losses. 

Cointelegraph contacted FSMA for more information but did not receive a response by the time of publication.

List of unregistered CASPs. Source: FSMA

MiCA deadline starts enforcement phase across Europe

MiCA entered into force at the end of 2024, creating a harmonized EU framework for CASPs and issuers. Under Belgium’s FSMA guidance, only authorized CASPs are permitted to offer crypto asset services like custody, trading platforms, crypto-to-fiat exchange, crypto-to-crypto exchange, order execution, transfer services, advice and portfolio management.

Belgium’s transitional regime expired on July 1, the same date by which existing providers across the EU generally had to obtain authorization or stop offering crypto-asset services.

Related: Germany leads MiCA crypto authorization race as Europe’s deadline looms

The deadline has been a major pressure point for crypto companies operating in the bloc. On June 24, crypto exchange Binance withdrew its MiCA application filed in Greece and planned to seek authorization in another EU jurisdiction just days before the July 1 deadline. 

At the time, the exchange said it was “not leaving Europe” but acknowledged some users could be affected as it worked to comply with applicable requirements.

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