Binance reopens for business in Belgium after regulatory hiccup
Binance was earlier instructed to cease serving Belgium because it offered services from countries outside the European Economic Area
Aleksandra Sova/Shutterstock modified by Blockworks
Binance has resumed services in Belgium following a prior directive to cease services in the country.
The exchange is once again accepting new registrations from residents of Belgium, starting Sept. 25.
It comes after Belgium’s Financial Services and Markets Authority (FSMA) said in late June that Binance was providing exchange and custody wallet services in Belgium for virtual currencies from countries outside the European Economic Area.
“The FSMA has therefore ordered Binance to cease, with immediate effect, offering or providing any and all such services in Belgium,” it said.
This development came in the wake of French authorities launching an inquiry into the crypto exchange, including a confirmed visit from French officials, as well as an ongoing legal dispute between Binance and the SEC.
Binance told Blockworks it would examine the notice and cooperate with Belgian regulators.
To tackle the concern, Binance said its Polish subsidiary would be used to cater to customers in Belgium, aligning itself with regulatory responsibilities.
Before encountering challenges in Belgium, Binance had announced its intention to scale down operations in Europe, with a focus on “fewer regulated entities.”
This decision led to the company’s exit from Germany, the Netherlands and Cyprus by July due to licensing complications.
Established in 2017 by Changpeng Zhao in Shanghai, Binance has expanded to become a prominent player in the cryptocurrency industry, but it has attracted significant regulatory attention as authorities aim to curtail money laundering activities.
Don’t miss the next big story – join our free daily newsletter.