Belgium’s FSMA warns against unauthorized crypto service providers
The Financial Services and Markets Authority (FSMA) of Belgium today issued a warning to the public regarding companies offering crypto-asset services without an authorization.
European Regulation has entered into force with new rules for providers of crypto-assets and crypto-asset services (MiCA). Based on this Regulation, a company may offer crypto-asset services within the European Union on condition that it holds an authorization as a crypto-asset service provider (CASP).
The FSMA has noted that a number of crypto-asset service providers are active in Belgium without authorization.
It therefore strongly advises against accepting such offers made by the following companies:
- Aurum Foundation (aurum.foundation);
- Bank Bit (bank-bit.com);
- Bithf Pro (bitfpro.org);
- Dxago (dxago.com);
- Global Dynamic Trade (globaldynamictrade.org);
- ZeriaFunding (zeriafunding.com).
The FSMA has added these entities to its list of fraudulent CASPs. Please note, this list is not exhaustive, but it is updated regularly.
An authorization as a CASP is issued by the competent supervisory authority of the service provider’s home Member State. Since 30 December 2024, new crypto-asset service providers must hold the status of a CASP. For existing providers, there was a transitional provision that expired on 1 July 2026.
The FSMA advises consumers who wish to use a crypto-asset service to determine whether the company in question holds the requisite authorization. To do so, please consult the register of ‘Crypto-asset service providers’.
Please bear in mind that crypto-assets have specific characteristics that entail considerable risks. They are often subject to sudden fluctuations in value. Moreover, the market for crypto-assets can have limited liquidity, as a result of which you will not be able to sell your crypto-assets when and for the price you wish.
Beware as well of promotion via social media of certain crypto-assets for which the information available may be confusing, incomplete, or even misleading. Unlike some other, more traditional financial products, there is no compensation scheme to cover potential losses.
