Hanfa ordered FIMA Plus to suspend crypto services and return funds to clients
The regulator determined that the Varaždin-based company held crypto assets for 123 clients without authorization, and now must return them within 60 days.
The regulator determined that the Varaždin-based company held crypto assets for 123 clients without authorization, and now must return them within 60 days.
The Croatian Financial Services Supervisory Agency (Hanfa) has ordered the Varaždin-based company FIMA Plus to immediately cease providing services related to crypto assets and to return all assets and money to clients. According to Lider, based on supervisory findings, the company executed orders for the purchase and sale of crypto assets without the required authorization, held client assets on its own accounts on the Kraken and Binance platforms, and acted as an intermediary for foreign companies.
Hanfa established that FIMA Plus, represented by director Milan Horvat, provided custody and management services for client crypto assets without authorization from July 1, 2025, to January 23, 2026. The current register of authorized crypto service providers, as well as the earlier register of virtual asset service providers, did not contain any record of this company. Clients deposited money directly into the company's bank account, and FIMA Plus then transferred it to the Kraken platform and purchased crypto assets through its own user account according to their orders. Upon sale, the assets were sold through the same account, and the money was paid out to clients.
The supervision covered 48 transactions, deposits, payments, and purchase or sale orders involving a total of 16 individuals and legal entities, with a total value of €1.28 million. The balance as of May 24, 2026, shows that FIMA Plus held crypto assets worth $483,756 on its accounts for 123 clients. Nearly the entire amount was stored on Binance, while only a symbolic amount remained in the account on Kraken. According to supervisory data, as of February 5, 2026, that account contained 18 different types of crypto assets, including Bitcoin, Ethereum, Bitcoin Cash, and USD Coin.
In its objection, FIMA Plus did not dispute providing the services but claimed that it was in a transitional period for compliance with the European MiCA regulation, which lasts until July 1, 2026. The company was not registered in the register that would allow the use of the transitional regime, so Hanfa rejected this argument. Additionally, the regulator found that FIMA Plus, through the website Fimacrypto, connected Croatian clients with a company outside the European Union for portfolio management services and received compensation for it. The website also contained incorrect information stating that the services were provided by the Slovenian company Fima Crypto from Ljubljana.
Hanfa ordered the immediate cessation of all unauthorized activities. FIMA Plus must, within eight days of receiving the decision, notify clients of the service termination and request instructions for returning assets and money. It must remove the incorrect information about the Slovenian company from its website. It is required to submit a report to Hanfa within 30 days regarding most of the implemented measures, and within 60 days must provide evidence of asset return to clients. No monetary fine was imposed with this decision; the regulator decided to apply administrative measures to immediately stop the unauthorized operations and protect clients.
No appeal is permitted against the decision, but FIMA Plus may initiate an administrative dispute before the Administrative Court in Zagreb within 30 days. Hanfa's decision was published on July 29, 2026.
