Belgium's Financial Services and Markets Authority warned consumers against 6 crypto-asset service providers operating without authorization, days after the European Union's July 1 licensing deadline under the Markets in Crypto-Assets regulation took effect. The FSMA named Aurum Foundation, Bank Bit, Bithf Pro, Dxago, Global Dynamic Trade, and ZeriaFunding as unauthorized entities and added them to its list of fraudulent crypto-asset service providers. The warning marks an early enforcement action under MiCA, as Belgium's transitional regime expired on July 1, ending temporary arrangements that previously allowed existing providers to operate without required authorization. The regulator strongly advised consumers not to accept offers from these companies and to verify provider status in its official register.
FSMA Names Six Unauthorized Crypto Providers
The Financial Services and Markets Authority identified Aurum Foundation, Bank Bit, Bithf Pro, Dxago, Global Dynamic Trade, and ZeriaFunding as crypto-asset service providers active in Belgium without authorization under MiCA. The regulator added the entities to its list of fraudulent crypto-asset service providers. The FSMA told users to verify whether a provider appears in its official crypto-asset service provider register. The regulator reminded consumers that crypto assets can be volatile, may face liquidity limits, and are not covered by a compensation scheme that could reimburse users for losses.
Belgium's July 1 Deadline Ends Transitional Regime
Belgium's transitional regime expired on July 1. Under the FSMA's guidance, only authorized crypto-asset service providers are permitted to offer services such as custody, trading platforms, crypto-to-fiat exchange, crypto-to-crypto exchange, order execution, transfer services, advice, and portfolio management. Firms already operating in member states were given transitional periods to obtain authorization or stop offering services. The July 1 deadline ended that transition for Belgium.
Binance Withdraws MiCA Application in Greece
Binance withdrew its MiCA application filed in Greece days before the July 1 cutoff. The exchange said it planned to seek authorization in another EU jurisdiction. Binance said it was not leaving Europe, but acknowledged that some users could be affected as it worked to comply with applicable requirements.
MiCA Creates Harmonized EU Licensing Framework
MiCA created a harmonized EU framework for crypto-asset service providers and issuers, replacing a fragmented system in which firms dealt with different national rules across the bloc. The regulation entered into force at the end of 2024. Companies that want access to users across the bloc need authorization in at least one member state and must meet MiCA's requirements on governance, disclosure, custody, consumer protection, and operational controls.
FAQ
What did Belgium's FSMA do after the July 1 MiCA deadline?
Belgium's Financial Services and Markets Authority warned consumers against 6 crypto-asset service providers operating without authorization and added Aurum Foundation, Bank Bit, Bithf Pro, Dxago, Global Dynamic Trade, and ZeriaFunding to its list of fraudulent crypto-asset service providers.
When did Belgium's MiCA transitional regime expire?
Belgium's transitional regime expired on July 1, ending temporary arrangements that previously allowed existing crypto providers to operate without required authorization under the Markets in Crypto-Assets regulation.
Why did Binance withdraw its MiCA application in Greece?
Binance withdrew its MiCA application filed in Greece days before the July 1 deadline and said it planned to seek authorization in another EU jurisdiction, acknowledging that some users could be affected during the compliance process.
