Major cryptocurrency exchange Binance restarted operations in Belgium, around three months after suspending services in the country per regulators’ orders. Binance had been instructed to cease operations in Belgium starting June 23rd by the Financial Services and Markets Authority (FSMA) for allegedly violating local laws.
The FSMA accused Binance of breaching regulations by serving Belgian customers from entities based outside the European Economic Area (EEA). The suspended services included trading virtual currencies, digital assets, and custody wallet services. Belgian law mandates that no companies outside the EEA can offer these services in Belgium, with criminal sanctions for violations, as part of efforts to prevent financial crimes like money laundering and terrorist financing.
Beyond ordering Binance to stop operations, the FSMA had directed the exchange to return all crypto assets and keys belonging to Belgian users immediately or transfer them to EEA-approved entities authorized to conduct such activities in Belgium.
Following the regulatory action, Binance had redirected Belgian users to its exchange unit in Poland which has secured relevant licenses to operate legally in the country.
Now, Binance has announced the resumption of services in Belgium and the ability for users to actively deposit and withdraw again after demonstrating improved compliance. Belgians can once again access Binance’s products by registering and accepting the Terms of Use, as per the company’s update. Binance expressed gratitude to users for their patience during the suspension period.
Meanwhile, Binance and its CEO Changpeng Zhao continue to face investigations by U.S. regulators like the Securities and Exchange Commission, Commodity Futures Trading Commission, and Department of Justice. Both have maintained innocence amidst the probes while reassuring users about protections from potential fallout.
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