Belgium’s top regulator, the Financial Services and Markets Commission (FSMA), has ordered cryptocurrency exchange Binance to cease its services in the country. The FSMA claims that Binance violates the law by providing exchange services for cryptocurrencies and fiat currencies from non-European Economic Area countries. This comes as Binance faces legal challenges and restrictions from regulators worldwide, including the United States where the Securities and Exchange Commission (SEC) has initiated a lawsuit against Binance and its founder Changpeng Zhao. The SEC accuses Binance of misusing customer funds, market manipulation, and violating security laws. Binance.US, the company’s US counterpart, has also faced complications, delisting trading pairs and suspending its OTC service. In response, Binance has filed a lawsuit against the SEC, denying the allegations and enlisting the services of a former prosecutor as its representative in the legal battle. With these developments, Binance aims to strengthen its defense and navigate the SEC case effectively.
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