Belgium warns against unauthorised crypto platforms under MiCA
The FSMA has urged investors to verify crypto providers as unauthorised platforms face increased scrutiny.
Belgium’s Financial Services and Markets Authority (FSMA) has added six crypto platforms to its warning list after finding that they are offering services in the country without the authorisation required under the EU’s Markets in Crypto-Assets (MiCA) framework.
The regulator identified Aurum Foundation, Bank Bit, Bithf Pro, Dxago, Global Dynamic Trade and ZeriaFunding as crypto-asset service providers operating without the required authorisation. The FSMA urged consumers to check its official register before using crypto platforms or transferring funds.
The warning comes shortly after the EU’s MiCA licensing deadline, as national regulators across the EU begin enforcing the bloc’s new crypto regulatory framework. Authorities are increasing scrutiny of crypto firms as they adapt to the new authorisation requirements.
MiCA is also prompting firms to reassess their regulatory strategies. Crypto exchange Binance recently withdrew its licence application in Greece while pursuing authorisation in another EU jurisdiction, illustrating how companies are adjusting to the new framework.
Why does it matter?
Belgium’s action illustrates that MiCA is entering its enforcement phase, with national regulators beginning to act against crypto firms that fail to obtain the necessary authorisations. The shift from adopting legislation to enforcing it is likely to reshape how crypto businesses operate across the EU.
The new framework also aims to strengthen consumer confidence by establishing common licensing standards throughout the single market. While stricter oversight may increase compliance costs for some firms, it could also encourage greater market stability and make it easier for authorised providers to operate across multiple EU member states.
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