The Financial Services and Markets Authority (FSMA) of Belgium has flagged six crypto firms that are currently operating without the necessary Crypto-Asset Service Provider (CASP) authorization. This action follows the enforcement phase initiated by the Markets in Crypto-Assets (MiCA) regulation, which established strict licensing requirements for crypto providers in the European Union.
Unauthorized Firms Listed
The six entities identified by the FSMA include Aurum Foundation, Bank Bit, Bithf Pro, Dxago, Global Dynamic Trade, and ZeriaFunding. All of these firms have been added to the FSMA’s fraudulent CASP warning list, signaling to users the necessity of verifying the legitimacy of service providers before engaging with any platform.
Compliance Requirements Under MiCA
MiCA, which came into effect at the end of 2024, mandates that all crypto service providers must secure CASP authorization to operate legally. Companies offering services such as custody, trading platforms, and portfolio management must comply with these regulations. The transition period for existing providers expired on July 1, 2026, compelling those without authorization to cease offering regulated services.
The warning issued by the FSMA underscores the shift from regulatory formulation to active enforcement, as the agency now identifies and addresses compliance violations after the transitional deadline.
Ongoing Risks for Users
In addition to the regulatory update, the FSMA has cautioned users that cryptocurrencies pose significant market risks. Price volatility can affect liquidity, which could hinder users from selling their assets at desired times or prices. Furthermore, the regulator highlights the potential for misinformation arising from social media promotions, as campaigns may misrepresent crypto assets.
The FSMA reiterated the importance of consulting official regulatory records to validate marketing claims. Additionally, users should be aware that losses incurred within the crypto market do not benefit from compensation protections typically available for traditional financial products.
