Binance reopens services in Belgium after regulatory hiatus
- 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).
Dear Binancians ??
We are delighted to announce that as of today, new registrations of Belgian residents are welcome on our platform once again.
— Binance België (@binanceflemish) September 25, 2023
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.
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.