Belgium regulator flags six crypto platforms for unlicensed operations

MiCA took effect at the end of 2024. It creates a single rulebook for crypto-asset issuers and service providers across the EU. Firms that want to operate in multiple member states can apply for authorization under the common framework rather than following separate national licensing systems.

The FSMA also reminded consumers that crypto assets carry significant risks. Digital assets can swing sharply in price, suffer from limited liquidity in certain conditions, and are not covered by a compensation scheme that would reimburse investors if losses occur. The regulator urged users to check a provider's regulatory status through its official CASP register before transferring funds or opening accounts.

Elsewhere in Europe, crypto companies have been adjusting their strategies ahead of the new licensing regime. On June 24, Binance withdrew its MiCA license application submitted in Greece. The exchange said it planned to pursue authorization in another European jurisdiction and continue operations under the new framework. Binance stated it was not exiting the European market but acknowledged some customers could experience temporary effects while the company worked through regulatory requirements.

The FSMA's latest warning signals that national regulators are beginning to enforce MiCA's licensing requirements after the transitional period ended. For traders and users, the practical step is to verify a platform's authorization status before engaging with it. The FSMA's register is the reference point.