Binance has resumed services in Belgium after a three-month pause due to regulatory issues stemming from concerns about money laundering and terrorist financing laws, as ordered by Belgium’s FSMA. Binance had to work through compliance challenges to meet Belgium’s legal requirements during this period.
Binance has just announced that it’s reopening registrations for residents of Belgium. After nearly three months of suspending services in the region, Belgians can now use the platform again. To do so, they must agree to a new set of terms and conditions.
The suspension began on June 27 when Belgium’s Financial Services and Markets Authority (FSMA) instructed Binance to stop all cryptocurrency exchange services in the country.
Belgium’s Financial Services and Markets Authority (FSMA) cited their strict laws against aiding money laundering and terrorist financing. They accused Binance of knowingly offering these services from outside Belgium. Consequently, the FSMA ordered Binance to immediately stop providing such services in Belgium.
Binance’s Ongoing Regulatory Challenges
The FSMA made multiple inquiries to Binance seeking information about the source of certain services they were providing. However, Binance couldn’t convince the FSMA that these entities were operating within Belgium’s legal framework to the FSMA’s satisfaction.
The FSMA has recently put strict measures in place for cryptocurrencies. In April, they introduced regulations that require crypto firms to notify the FSMA ten days before launching an advertising campaign. Additionally, any crypto promotion must include a disclaimer stating, “The only guarantee in crypto is risk.”
Binance is also facing regulatory challenges globally. Binance’s U.S. division, Binance.US, has requested the dismissal of a lawsuit filed by the SEC, arguing that their operations didn’t harm investors or involve fraud.
On June 5, the SEC brought 13 charges against Binance, including operating as an unregistered exchange, broker-dealer, and clearing agency.
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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