In a strong action, Binance, a major cryptocurrency exchange, has discovered a method to keep providing its services to customers in Belgium.
This happened two months after the Financial Services and Markets Authority (FSMA) of Belgium told Binance to stop its operations in the country.
Binance Access Found by Belgian Users
On June 23, the Financial Services and Markets Authority (FSMA) in Belgium told Binance to stop its services. This was because Binance was offering cryptocurrency exchange and wallet services from countries outside the European Economic Area. The FSMA wanted Binance to stop these services in Belgium, adding to the global focus on how Binance works.
But now, it looks like people in Belgium have found a way to still use Binance. Today, Binance said that Belgian users would be redirected through a company in Poland to get around the rules that aim to make Binance leave Belgium.
Binance is not stopping despite the rules. They have figured out a way around the FSMA’s orders. However, we don’t know exactly what this means yet, or what Binance will do next.
If users in Belgium don’t want to use Binance Poland sp. z o.o., a company inside the European Union and the European Economic Area, they might only be able to take out their money. Binance said this first on their website, but then they removed that part later.
Binance Faces Increased Regulatory Challenges
Binance is facing lots of problems with rules and payments. Big credit card companies like Mastercard and Visa stopped working with it because of more rules. Also, the US SEC and DoJ are looking at Binance closely for money problems.
Binance also lost its banking ties in the US and Australia. Its partner bank in Europe will stop helping by September. But Binance got permissions to work in Dubai and El Salvador recently.
In the European Union, they’re making new rules for crypto, but they start in 2024. For now, different countries in the EU have their own rules. Binance left the Netherlands because of rules and stopped trying to get a license in Germany.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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