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Binance reopens services in Belgium after regulatory hiatus

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Binance has resumed its services for Belgian users after a regulatory order forced it to cease its operations in June.
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  • The Belgian regulator ordered Binance to halt its cryptocurrency-related services in the country on 23 June.
  • The exchange clarified that new registrations of Belgian residents were welcome on its platform once again.

Binance [BNB] has resumed its exchange services for users in Belgium after a three-month hiatus. This move comes after the Belgian Financial Services and Markets Authority (FSMA) ordered Binance to cease all cryptocurrency-related services in the country, alleging violations of anti-money laundering and counter-terrorism financing laws.

Binance redirected Belgian users to its Polish-registered arm, Binance Poland sp. z o.o., to continue serving them. The exchange did not disclose the specific changes that enabled the resumption of services.

Binance has been trying to comply with evolving regulatory frameworks on a global scale. This includes the European Union’s upcoming Markets in Crypto-Assets (MiCA) legislation set to take effect in June 2024.

“New registrations of Belgian residents are welcome on our platform once again,” Binance confirmed in a 25 September post on X (Formerly Twitter).

Binance open for Belgians again

The Belgian Financial Services and Markets Authority ordered Binance to halt its cryptocurrency-related services on 23 June.  The regulator alleged that Binance was offering crypto services “from countries that are not members of the European Economic Area.”

Binance then worked on the necessary changes to ensure compliance with Belgian regulations, although specific details of these changes were not disclosed in the recent announcement.

The exchange noted that various Binance products and services would be accessible to Belgian users who have accepted the new Terms of Use.

In Europe, Binance has signaled its intention to delist stablecoins for the European market by June 2024 as part of its preparations for the European Union’s Markets in Crypto-Assets (MiCA) legislation, set to take effect at the same time.

Meanwhile, in the United States, Binance.US, the American arm of Binance, experienced a wave of executive departures. This has led some industry observers to speculate about potential internal challenges within the company.

However, Binance’s CEO, Changpeng ‘CZ’ Zhao, has repeatedly refuted these rumors.

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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