May 17, 2024
Binance Resumes Services for Belgian Customers After Regulatory Halt
Policy & Regulation

Binance Resumes Services for Belgian Customers After Regulatory Halt

Three months after the exchange was instructed to stop providing services connected to cryptocurrencies by Belgium’s financial authority, cryptocurrency exchange Binance has resumed registrations and access to its goods and services for its Belgian cryptocurrency customers.

According to a tweet by Binance on September 25 on X (formerly Twitter), “new registrations of Belgian residents are once again welcome on our platform.” Several Binance services and products will once again be available to Belgian customers who have signed the updated Terms of Use, according to Binance.

The Belgian Financial Services and Markets Authority suspected Binance of breaking the country’s anti-money laundering and counter-terrorism financing regulations on June 23 because it allegedly provided services linked to cryptocurrencies “from countries that are not members of the European Economic Area.”

It demanded that Binance get in touch with all of its customers in Belgium, stop providing any connected services there “with immediate effect,” and hand over all of the exchange’s crypto and private keys.

Due to the incident, Binance decided to redirect its services for Belgian customers through its Polish-registered subsidiary, Binance Poland sp. z o.o., which it had incorporated as a virtual asset service provider in January.

What adjustments were taken to enable Binance to restart services for Belgian customers were not included in the company’s announcement.

For the European market, Binance has indicated plans to delist stablecoins by June 2024 to comply with the upcoming Markets in Crypto-Assets (MiCA) regulation, which is scheduled to take effect in that month.

Meanwhile, Binance employees are leaving the country in droves.US leaders have some industry experts wondering if the company is having some internal problems.

Changpeng “CZ” Zhao, the company’s CEO, has repeatedly denied these rumours.


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