Please double check you entered a BRAW Studio license and not an AfterCodecs one read our article here for more details. Once licensed, please empty your media cache (How to clean (delete or trash) media cache files?) and restart your Adobe applications. If you converted some .braw files for proxies or into another codec (or exported a Premiere Pro project containing .braw) before entering the license, you'll need to reconvert them again with the plugin licensed because in them (BRAW Studio is not used anymore to make the proxies!)