- Binance has restarted its operations in Belgium three months after it was ordered to stop.
- Three months ago, The Financial Services and Markets Authority accused Binance of violating its regulations.
- Binance Belgium to resume operations with updated terms of use.
Binance Updates its Terms of Use to Serve Belgian Users Again
The world’s biggest cryptocurrency exchange, Binance, has recommenced business in Belgium.
In June, the Financial Services and Markets Authority(FSMA) ordered the crypto exchange to stop providing its services in the country.
Three months after shutting down operations in Belgium, Binance has returned to the country with an updated Terms of Use for Belgian users.
“We are delighted to announce that as of today, new registrations of Belgian residents are welcome on our platform once again.
In addition, various Binance products and services are accessible again to Belgian users who have accepted our new Terms of Use,” The official account of Binance Belgium said in a post on X, formerly Twitter.
On June 23, The Financial Services and Markets Authority (FSMA) claimed that the crypto exchange had violated the provisions of Belgium’s Anti-Money Laundering and Counter-Terrorism Financing regulations.
The Belgian financial watchdog accused Binance of offering crypto services from non-member countries of the European Economic Area.
The Financial Services and Markets Authority also claimed that Binance controlled 19 countries, a significant fact not included in its terms of use.
“In spite of the opportunities offered to Binance on several occasions, the latter has failed to demonstrate, with due documentation and proof, that the exchange services between virtual currencies and legal currencies and the custody wallet services that it offers and provides within Belgium are carried out by means of a legal entity governed by the law of another member state of the European Economic Area that is duly authorized by its home member state to carry out these activities, including within Belgium,” Belgium’s financial regulator said in a notice.
Additionally, the financial regulator ordered Binance to stop its operations in the country with immediate effect.
FSMA also mandated the crypto exchange to contact its Belgian users and return the crypto and private keys.
In response to the abrupt end of operations in Belgium, Binance informed a media outlet of its plans to review the FSMA’s notice. The crypto exchange also expressed its disappointment in the decision of the country’s financial regulator.
This wasn’t the crypto exchange’s first encounter with financial regulators. The United States Securities and Exchange Commission initiated a legal action against Binance some months ago.
The globally acclaimed crypto exchange had shut down operations in places like Canada, Latin America, etc., due to non-compliance with regulatory standards.
In August, Binance diverted its services to Belgian users through Binance Poland, a registered virtual asset service provider. It was announced two months after the crypto exchange was ordered to shut down its operations in Belgium.
Although the diversion strategy was modeled by Poland regulations, the crypto exchange’s determination to keep one foot in the door is an excellent move.
One month after Binance announced its plan to provide services to its Belgian users through a diversion strategy, the crypto exchange has resumed operations in Belgium.
