Binance Belgium Resumes Operations After Ban
Binance Belgium, the Belgian arm of the world’s largest cryptocurrency exchange, has reopened its operations after being banned by the country’s financial market regulator. The ban was imposed because Binance operates from countries outside the European Economic Area (EEA). In a recent post on Twitter, Binance Belgium announced that it is now accepting new registrations from Belgian residents. Previously registered users who agree to the company’s new Terms of Use will also be granted access to its products and services. However, no details were provided regarding these new terms.
Regulatory Challenges for Binance
In addition to the ban in Belgium, Binance has been facing regulatory hurdles in several other countries, including Germany, Australia, France, the Netherlands, Austria, and the US. In the US, the exchange is currently contesting 13 charges brought by the Securities and Exchange Commission (SEC). Despite these challenges, Binance CEO Changpeng “CZ” Zhao has assured users that changes within the company are necessary to navigate through these difficulties.
Collaboration with Mitsubishi UFJ Financial Group
In more positive news for Binance users, the exchange’s Japanese branch is partnering with the trust banking arm of Mitsubishi UFJ Financial Group (MUFG) and the Progmat coin platform to launch a new stablecoin. This stablecoin will be denominated in Japanese Yen (JPY) and US Dollar (USD).
Hot Take: Binance Reopens in Belgium Amidst Regulatory Pressure
Despite facing regulatory challenges in various countries, including a ban in Belgium, Binance has resumed its operations in the country. The exchange is now accepting new registrations from Belgian residents and allowing previously registered users to access its products and services upon agreeing to new Terms of Use. Binance’s resumption of operations in Belgium is a positive development for its global customer base, which currently stands at 150 million users. However, it remains to be seen how the exchange will navigate through the regulatory landscape and address the ongoing legal battles it faces in different jurisdictions.
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