Following a pause brought on by regulatory efforts against it, cryptocurrency exchange Binance is once again accepting new registrations from Belgian users. The trading platform was told in June to stop offering cryptocurrency exchange and custody services in the EU nation.
Three months after ceasing operations due to regulatory pressure, Binance returns to Belgium
Binance, the largest cryptocurrency exchange in the world by daily trading volume, has resumed operations in Belgium, one of the European nations where it recently came under regulatory scrutiny. Authorities on both sides of the Atlantic heightened their monitoring of the trade this year.
Upon reopening registrations, Binance tweeted on Monday, "Great news for our Belgian community." In another post on X, formerly Twitter, Binance's Belgian account announced that it has reinstated access to its products and services for Belgian clients who had approved its updated Terms of Use.
Tweet
The encouraging development comes after the Financial Services and Markets Authority (FSMA) of Belgium said in late June that it had issued an order to the top cryptocurrency exchange to "cease immediately all offers of virtual currency services in Belgium."
Binance was accused by the regulatory body 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 cautioned the crypto behemoth that failure to abide by the embargo could result in legal action under Belgian law against the financing of terrorism and money laundering as well as the criminal code of the nation.
The financial body also stated that until the new EU Markets in Crypto Assets (MiCA) legislation takes effect in January 2025, crypto activities would continue to be mainly unregulated outside the purview of these applicable rules.
Binance declared at the end of August that it had discovered a mechanism to keep serving Belgian citizens through its Polish business while searching for a solution. At the time, the exchange maintained that because Binance Poland was a registered virtual assets service provider (VASP) in an EU member state, it could serve customers from Belgium in accordance with regional regulatory standards.
Financial regulators from all around the world have been exerting increased pressure on Binance, including litigation brought by the U.S. Securities and Commodities Commissions. The exchange revoked its licensing requests or cancelled its registrations in a number of European nations, including the Netherlands, Germany, Cyprus, and the United Kingdom.
Do you believe Binance will be able to reenter more European markets and offer products compliant with local laws? Post your opinions about it in the comments area below.