Cryptocurrency exchange Binance is now accepting new registrations of Belgian users following an interruption caused by regulatory actions against it. In June, the trading platform was ordered to cease providing crypto exchange and custody services in the EU country.
Binance Returns to Belgium 3 Months After Pausing Services Under Regulatory Pressure
The world’s largest crypto exchange by daily trading volume, Binance, has resumed operations in Belgium, one of the European countries where it faced a regulatory crackdown in the past few months. This year the exchange found itself under increased scrutiny from authorities on both sides of the Atlantic.
“Great news for our Belgian community,” Binance tweeted on Monday, announcing it has reopened registrations. In another post through its Belgian account on X, formerly Twitter, Binance said it has restored access to products and services for Belgian customers who have accepted its new Terms of Use.
The positive development comes after in late June, Belgium’s Financial Services and Markets Authority (FSMA) said it ordered the leading cryptocurrency exchange to “cease immediately all offers of virtual currency services in Belgium.”
The regulatory body accused Binance of “providing exchange services in Belgium between virtual currencies and legal currencies, as well as custody wallet services, from countries that are not members of the European Economic Area” (EEA).
The FSMA also warned the crypto behemoth that a failure to comply with the prohibition may lead to its prosecution under the Belgian law on the prevention of money laundering and terrorist financing as well as the country’s criminal code.
The financial authority also acknowledged that crypto activities remain largely unregulated outside the scope of these applicable laws until the EU’s new Markets in Crypto Assets (MiCA) legislation enters into force in January 2025.
While looking for a solution, Binance announced at the end of August that it had found a way to continue to provide services to Belgian residents — through its Polish entity. At the time, the exchange insisted that Binance Poland could serve customers from Belgium in compliance with local regulatory requirements as it’s a registered virtual assets service provider (VASP) in an EU member state.
Binance has been dealing with heightened pressure from financial regulators around the world, including lawsuits filed by the U.S. securities and commodities commissions. In Europe, the exchange withdrew its license applications or canceled its registrations in several countries, including the Netherlands, Germany, Cyprus, and the U.K.
Do you think Binance will be able to return to other European markets and provide services under local regulations? Share your thoughts on the subject in the comments section below.
Source: Bitcoin
