FSMA Warns About 6 Illegal Crypto Services in Belgium

FSMA warned about 6 illegal crypto services in Belgium and reminded users that working with cryptoassets in the EU is only allowed with a CASP license. This message is especially important for traders, beginners, and those looking for a quick entry into crypto through social media ads.

The Belgian regulator’s list includes Aurum Foundation, Bank Bit, Bithf Pro, Dxago, Global Dynamic Trade, and ZeriaFunding. FSMA explicitly said this list is not exhaustive and will be updated. The regulator also reminded users about MiCA, which at the end of 2024 introduced new rules for cryptoasset issuers and crypto service providers in the EU.

Why did FSMA go after illegal CASPs now?

The reason is simple. After MiCA launched, the European market became stricter toward those operating without permission, and the Belgian supervisory authority decided to publicly name companies that, according to its data, provide crypto services without authorization. This is not a minor issue for users, because it is not only about exchanging or buying tokens, but also about access to wallets, accounts, and promotional “investment offers”.

FSMA separately advised checking for a CASP license in the official register before depositing money on a platform. And there is an important nuance here: in Belgium, according to the regulator itself, as of 1 July 2026 there were no CASPs licensed by FSMA, and before that the country effectively had no registered crypto providers under the national regime. That is why checking documents now matters more than flashy advertising.

What exactly does the regulator advise users to do?

FSMA asks people to look at the register, not the banners. And that makes sense, because social media often shows only profit, not risk. The regulator explicitly warned that cryptoasset advertising on social media may be incomplete or misleading, and unlike many traditional financial products, there is no compensation mechanism for losses from cryptoassets.

Another practical piece of advice sounds harsh, but honest: do not invest money in instruments whose operating principle you do not understand. If in doubt, FSMA advises contacting the regulator directly. For Ukrainian readers, this is also a useful signal, because the scheme is the same everywhere: first check the license, then make the deposit, not the other way around.

“This list is not exhaustive and is updated regularly,” FSMA emphasized. That is why checking a service once is not enough, especially if the platform is actively advertised on Telegram, Instagram, or WhatsApp.

Market reaction and the broader MiCA backdrop

FSMA’s current warning fits into a broader wave of market cleanup in the EU. According to ESMA, on 23 June 2026 the regulator separately reminded unlicensed CASPs that they must immediately stop attracting new clients from the European Union, marketing, and opening accounts, and limit services only to selling, transferring assets, or closing positions. This is no longer a soft tone. It is a direct signal to wind down operations.

The numbers also show why oversight has intensified. In 2025, FSMA received 2,911 reports of irregular activity, 11% more than in 2024. Over the year, the regulator published 19 warnings about 240 fraudulent companies and 316 websites. And in the second half of 2025, Belgian consumers reported €23.44 million in fraud losses, more than €9.5 million of which were linked to “exclusive investment tips” in WhatsApp groups.

Against this backdrop, the list of 6 companies looks not like a one-off action, but like part of systematic work. For legitimate players, this is a good sign, because the market is slowly cutting off gray schemes. For users, it is a reminder that a cheap “entry without checks” often ends up costing more than it seems at the start. In the same context, it is worth remembering the recent news about Ripple’s CASP license in Luxembourg, which shows the other side of the same story: without permission, it is becoming increasingly difficult to operate in the EU.

• FSMA named 6 companies that, according to its data, are operating without authorization.

• MiCA has been in force in the EU since the end of 2024 and requires a CASP license.

• FSMA’s list is incomplete and will be updated.

• As of 1 July 2026, there were no CASPs licensed by FSMA in Belgium.

• In 2025, FSMA received 2,911 reports of irregular activity.

• In the second half of 2025, fraud losses reached €23.44 million.

What does this mean for investors?

For those who hold crypto or are just entering the market, the meaning is simple: checking a license has become as basic as checking a wallet address. If a platform fails this check, the risk is not only that funds may be frozen, but also that you may not be able to prove your case at all. In crypto, that hurts more because the compensation mechanism does not work here the way it does with banking products.

There is another practical takeaway for Ukrainian users who often work with euros or stablecoins. When a service looks too aggressive in its advertising and promises quick returns without explaining the risks, that is already a reason to stop. Ten minutes of checking is better than long weeks of messaging support. If you need to quickly sell USDT TRC20 to Monobank, it is better to do it through a clear service without unnecessary surprises.

Frequently asked questions

What is a CASP license and why check it?

CASP is a license for a crypto service provider under MiCA. FSMA advises checking it before any deposit, because without authorization the company is operating outside EU rules.

Does FSMA’s list mean these companies are definitely scammers?

The regulator calls them illegal crypto service providers, not just “suspicious websites.” This is a strong risk signal, but users should still check the official register and their own documents before transferring money.

Can money be recovered if a service has no license?

FSMA explicitly reminds users that there is no compensation mechanism for cryptoassets like there is for many traditional financial products. Therefore, refunds often depend on the service itself, not on state guarantees.

After such a warning, the logic is simple: check first, act second.

This material is not financial advice. Cryptocurrency trading involves significant risks. Part of this text was prepared with the help of artificial intelligence based on public sources and reviewed by our editorial team.