Binance Resumes Full Services in Belgium
Binance has recently resumed its services in Belgium, following a prior directive to discontinue its operations in the country.
As of September 25th, the exchange is now accepting new registrations from Belgian residents.
This development stems from the action taken by Belgium’s Financial Services and Markets Authority (FSMA) in late June. The FSMA had raised concerns about Binance providing exchange and custody wallet services in Belgium for virtual currencies originating from countries outside the European Economic Area. Consequently, the FSMA ordered Binance to cease offering such services within Belgium immediately.
This situation unfolded amidst ongoing scrutiny of Binance by French authorities, who launched an inquiry into the crypto exchange, including an official visit by French officials. Additionally, Binance was embroiled in a legal dispute with the SEC.
Binance, in response, expressed its intention to examine the notice from Belgian regulators and cooperate with them. To address the regulatory concerns, Binance revealed that it would utilize its Polish subsidiary to serve customers in Belgium, aligning itself with the necessary regulatory requirements.
Prior to these challenges in Belgium, Binance had already announced its plans to scale down its European operations, focusing on maintaining fewer regulated entities. Consequently, the company had withdrawn from Germany, the Netherlands, and Cyprus by July due to complications related to licensing.
Binance, founded by Changpeng Zhao in Shanghai in 2017, has emerged as a prominent player in the cryptocurrency industry. However, its operations have garnered substantial regulatory attention as authorities aim to combat money laundering activities.