Binance Resumes Services in Belgium after Regulatory Hurdle

Brussels, Belgium - Binance, one of the world's leading crypto exchanges, has resumed services in Belgium three months after facing regulatory issues.

by Faruk Imamovic
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Binance Resumes Services in Belgium after Regulatory Hurdle
© Getty Images News/Justin Sullivan

Brussels, Belgium - Binance, one of the world's leading crypto exchanges, has resumed services in Belgium three months after facing regulatory issues. The move comes after the Belgian Financial Services and Markets Authority had previously ordered the platform to halt its cryptocurrency services in the country.

Back in Business

“New registrations of Belgian residents are welcome on our platform once again,” stated Binance in a recent announcement made on X (formerly known as Twitter). Along with the re-opening of registrations, various Binance products and services are now available for Belgian users who agree to the newly revised Terms of Use.

This comeback follows the June 23 incident when Binance was accused by the Belgian authority of breaching the country's Anti-Money Laundering and Counter-Terrorism Financing laws.

The primary allegation was that the exchange was providing crypto services "from countries that are not members of the European Economic Area." Consequently, the regulatory body ordered Binance to terminate its services immediately.

It further mandated the exchange to reach out to all its Belgian customers and return the crypto assets and private keys it held in custody. In a strategic move following the ban, Binance transitioned its services for Belgian clientele through its Polish-registered entity, Binance Poland sp.

z o.o. This subsidiary had been registered as a virtual asset service provider at the beginning of the year. While Binance's latest statement reveals the reopening of its services, it does not delve into the specifics about the changes that facilitated this return.

Binance's Evolving European Strategy

This Belgian development is not the only headline that Binance is making in Europe. The exchange has also indicated its intention to delist stablecoins for European users by June 2024.

This decision is in alignment with the European Union's upcoming Markets in Crypto-Assets (MiCA) regulations, slated to be effective from June 2024. While the crypto industry continues to expand, the increasing scrutiny from regulatory bodies underscores the need for exchanges like Binance to constantly adapt and evolve in alignment with local regulations, ensuring safety and trust for their users.

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