Binance Allows Belgian Customers to Continue Using Crypto Exchange Despite Regulatory Order
The Belgian financial authority, FSMA, had previously instructed Binance to stop serving customers from Belgium who were based outside the European Economic Area (EEA). However, two months after the order, Binance announced that Belgian customers can still access the exchange. To circumvent regulatory efforts, the customers will now be routed through a Polish entity, Binance Poland sp. z o.o.
Main Breakdowns:
- FSMA ordered Binance to cease operations in Belgium
- Binance allows Belgian customers to continue using the exchange through a Polish entity
- If customers don’t agree to the terms of use for Binance Poland, they will be put into “withdrawals-only” mode
- EU regulations for the crypto sector will be implemented in 2024
- Binance has faced regulatory issues in the Netherlands and withdrew its license application in Germany
FSMA has not provided a comment regarding the situation.
Hot Take:
Binance’s decision to continue serving Belgian customers despite regulatory orders showcases its determination to find alternative solutions. By routing customers through a Polish entity, Binance is able to maintain its presence in Belgium while complying with EU regulations. However, this situation highlights the challenges faced by crypto exchanges in navigating different regulatory frameworks within the EU.
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