Belgium's Financial Services and Markets Authority (FSMA) published a warning about six crypto-asset service providers operating without authorization, days after the European Union's Markets in Crypto-Assets Regulation (MiCA) transitional period closed on December 30.
The FSMA added the firms to its public list of fraudulent or unregistered crypto operators. The regulator did not name the six providers in its disclosure, limiting immediate consumer visibility into which entities face scrutiny.
MiCA, which took effect in June 2023, requires crypto firms offering custodial, exchange, or advisory services across the EU to obtain a license from their national regulator or face enforcement action. The December 30 deadline marked the end of a transitional grace period that allowed some providers to continue operations while completing the compliance process.
Belgium's move reflects pressure across EU member states to identify and publicize non-compliant operators as the regulatory framework hardens. The FSMA's fraud alert itself does not automatically block these firms from conducting business, but it signals to banks and payment processors that serving them carries elevated risk. That can make it harder for unlicensed providers to access banking rails needed to convert fiat currency or settle customer withdrawals.
The regulator did not specify whether these six firms had applied for MiCA licenses and been rejected, or whether they had simply ignored the requirement. Clarity on that distinction would help assess whether the FSMA is primarily chasing bad actors or newly non-compliant operators caught flat-footed by the deadline.
Other EU jurisdictions have taken similar steps. National regulators have published their own warnings and, in some cases, pursued enforcement actions against unauthorized providers. The pattern suggests member states are not treating MiCA compliance as advisory.
Consumers and institutional clients using any of these six firms now face elevated counterparty and custody risk. The FSMA urged anyone holding assets with an unregistered provider to withdraw funds and move to a licensed operator. Readers with exposure should cross-check service provider licenses on the FSMA's official registry or contact the regulator directly.