Key Takeaways :
- Binance resumes user registration in Belgium post a regulatory shutdown
- The halt was due to an order from Belgium’s FSMA, citing laws against money laundering and terrorist financing.
Binance Resumes Services for Belgian Users, Following Regulatory Hurdles. Crypto exchange Binance has officially reopened its platform for users based in Belgium, overcoming previous challenges related to European Economic Area regulations.
This reopening allows Belgian users to access Binance’s products and services locally, as announced on September 25, 2023. After nearly three months of service suspension in the region, Binance has now reopened registrations for Belgian residents.
To use the platform again or sign up for the first time, Belgian users are required to accept a revised set of terms and conditions. Binance expressed its delight in welcoming new registrations from Belgian residents once more.
Local customers in Belgium can now access a range of virtual currency products and services on the Binance platform, provided they agree to the new Terms of Use.
In response to accusations by the Belgian Financial Services and Markets Authority (FSMA) on June 23, alleging that Binance violated Belgian laws related to money laundering and terrorism financing, significant actions were taken. The FSMA asserted that Binance was offering cryptocurrency services to individuals in Belgium from non-European Economic Area countries.
Consequently, the FSMA instructed Binance to immediately cease all cryptocurrency-related services in Belgium. Furthermore, Binance was required to communicate with its Belgian customers and facilitate the return of any cryptocurrencies and private keys held in their accounts on the exchange.
Binance, a prominent global cryptocurrency exchange with operations in multiple countries, has encountered regulatory hurdles throughout its history.
In July, Binance suspended its services for users in the Netherlands due to the absence of a virtual asset service provider license. Furthermore, Binance, along with Binance.US and CEO Changpeng Zhao, is currently embroiled in a lawsuit brought forth by the United States Securities and Exchange Commission (SEC).
Binance is already planning to delist stablecoins catering to the European market by June 2024 in response to the forthcoming Markets in Crypto-Assets (MiCA) legislation from the European Union, set to be implemented in June 2024.
Simultaneously, in the United States, a significant departure of Binance.US executives has raised questions among industry observers, leading some to speculate about potential internal challenges within the company.
