WEB3

Binance Resumes Operations in Belgium Following Regulatory Hurdles

by BSC News

September 26, 2023

chain

Belgium's financial watchdog FSMA had earlier accused Binance of violating its anti-money laundering and counter-terrorism financing laws, leading to the suspension of its services.

Summary

  • Binance has resumed its operations in Belgium after a three-month hiatus due to regulatory actions.
  • The FSMA had accused Binance of violating Belgium's AML and counter-terrorism financing laws, leading to the suspension of its services and a shift of operations.

Binance has reopened its doors to Belgian users, marking the end of a tumultuous three-month hiatus. The move comes following a crackdown by Belgium’s financial watchdog, the Financial Services and Markets Authority (FSMA), which ordered Binance to cease all crypto-related services in June.

Binance stated on X, “We've now reopened registrations and access to Binance products and services in Belgium.” The exchange also revealed that various Binance products and services would once more be accessible to Belgian users who accept the updated Terms of Use.

The FSMA had accused Binance of breaching Belgium’s Anti-Money Laundering and Counter-Terrorism Financing laws by providing crypto services from non-European Economic Area countries. As a result, the exchange was compelled to halt its services immediately and return all held crypto and private keys to its Belgian clients. The exchange responded by shifting its services for Belgian residents to its Polish-registered arm, Binance Poland sp. z o.o. 

Meanwhile, the departure of several Binance.US executives has sparked speculation about potential internal issues, although CEO Changpeng “CZ” Zhao has repeatedly denied such rumors.

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article

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