Binance Reopens Crypto Services In Belgium

The Belgian FSMA accused Binance of breaking Belgium’s laws against money laundering and financing terrorism.
Binance Reopens Crypto Services In Belgium

Binance, the biggest cryptocurrency exchange globally in terms of trading activity, has declared that it’s once again accepting new customers from Belgium as well as allowing old users to access the platform. 

This decision comes about a month after Binance informed its users that Belgians could access its services through Binance Poland. 

Now, in Belgium, local customers can access various virtual currency products and services on the Binance platform, but this will only be possible for Belgians who agree to the new Terms of Use.

On June 23, the Belgian Financial Services and Markets Authority (FSMA) accused Binance of breaking Belgium’s laws against money laundering and financing terrorism. They claimed that Binance was offering cryptocurrency services to people in Belgium from countries that aren’t part of the European Economic Area.

As a result, they told Binance to stop all crypto-related services in Belgium right away. Binance also had to get in touch with its customers in Belgium and give back any cryptocurrencies and private keys they had in their accounts on the exchange.

To deal with this situation, Binance decided to offer its services to Belgians through Binance Poland sp. z o.o., which is a part of Binance registered in Poland. Binance had already registered this branch as a provider of virtual asset services in January.

Binance hasn’t explained what changes they made to be able to resume their services for users in Belgium. 

Binance has faced regulatory challenges in several countries recently, including Canada. Additionally, it is currently facing a lawsuit from the US Securities and Exchange Commission (SEC). 

In August, Binance had to stop supporting its cryptocurrency cards in Latin America and the Middle East due to the reported termination of their partnership with Mastercard.

Also Read: Binance Unveils ‘Trailing Up’ For Spot Grid Trading Bots

Related Posts