Binance Resumes Operations in Belgium Amidst Regulatory Challenges – Binance, the prominent global crypto exchange, has announced the reopening of its services to Belgian users, three months after facing a stringent directive from Belgium’s finance regulator.
On September 25, in a post on X (previously known as Twitter), Binance declared, “New registrations of Belgian residents are welcome on our platform once again.” The exchange elaborated that various Binance offerings would soon be available to Belgian clients who concur with the updated Terms of Use.
Rewinding to June 23, the Belgian Financial Services and Markets Authority (FSMA) pointed fingers at Binance, accusing the exchange of contravening Belgium’s Anti-Money Laundering and Counter-Terrorism Financing regulations. The alleged infractions stemmed from Binance’s purported provision of crypto services “from countries that are not members of the European Economic Area.”
Reacting to the charges, FSMA had instructed Binance to halt all crypto-related operations in Belgium “with immediate effect.” Additionally, Binance was mandated to liaise with its Belgian clientele and revert all cryptocurrencies and private keys held by the exchange.
In an attempt to navigate this regulatory maze, Binance rerouted its services for Belgian customers via Binance Poland sp. z o.o., the exchange’s Polish subsidiary, which had gained recognition as a virtual asset service provider earlier in January.
While Binance’s recent announcement shines a light on the resumption of its services, it remains tight-lipped about the modifications implemented to address the regulatory concerns. Both Binance and Belgium’s FSMA have yet to provide additional comments on this development.
On a broader European landscape, Binance has hinted at its intentions to remove stablecoins for the European clientele by June 2024. This move is perceived as an effort to align with the European Union’s forthcoming Markets in Crypto-Assets (MiCA) regulations, slated for activation in June 2024.
Across the Atlantic, Binance.US has recently made headlines due to a series of executive departures, sparking speculations about potential internal tumult within the organization. Yet, Binance’s CEO, Changpeng “CZ” Zhao, has consistently quashed such rumors, defending the firm’s stability and direction.