FSMA Warning: Belgian Regulator Flags Unauthorized Crypto Platforms

Belgium's Financial Services and Markets Authority (FSMA) has issued a public warning regarding several companies operating as crypto-asset service providers (CASPs) without the necessary regulatory authorization. Following the implementation of the European Markets in Crypto-Assets (MiCA) regulation, any firm offering crypto-asset services within the European Union must obtain formal authorization as a CASP from the competent supervisory authority in its home Member State. While transitional provisions existed for established providers, authorization requirements are strictly enforced. The FSMA identified multiple entities offering unauthorized crypto services to the public in Belgium and has added them to its list of fraudulent CASPs. Investors are strongly advised to avoid dealing with the following entities: - 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 regulator notes that this list is not exhaustive and urges consumers to verify whether an entity is listed in the official register of authorized Crypto-Asset Service Providers before transferring any funds. Investing in crypto-assets involves severe risks, including extreme price volatility and limited market liquidity, which may prevent investors from selling assets when desired. Additionally, social media promotions for crypto products can be misleading or incomplete, and investments in these assets are not covered by standard investor compensation schemes. Steps for Victims If you have interacted with or sent funds to any of these unauthorized platforms, the FSMA recommends taking the following immediate steps: - Stop all transactions immediately and sever all communication with the platform. Do not send further funds or share personal and financial information, and exit any associated trading or messaging groups. - Contact your bank or payment provider immediately to notify them of unauthorized or fraudulent transfers. - File a formal report with local police and submit a complaint to the FSMA. - Collect and preserve all records, including emails, chat logs, account statements, and transaction screenshots, to support official investigations. - Watch out for recovery scams. Fraudulent recovery rooms often contact previous scam victims promising to retrieve lost funds for an upfront fee, which is another form of financial fraud.