Binance Reopens Registration for Belgian Users
The world’s largest cryptocurrency exchange, Binance, has reopened registration and access to its services for users in Belgium. This comes after the country’s financial regulator, the Financial Services and Markets Authority (FSMA), ordered Binance to stop offering its services in June. The FSMA accused Binance of providing certain services from countries outside the European Economic Area, which is not allowed under Belgian regulations.
Despite not disputing the findings, Binance announced that it would resume serving Belgian users through its Polish unit, Binance Poland sp. z o.o. To comply with Polish regulatory requirements, Belgian users were required to accept Binance Poland’s Terms of Use and undergo identity verification again.
Challenges Faced by Binance
This reopening comes after a series of regulatory challenges faced by Binance in Europe. The exchange recently exited the Netherlands due to a lack of regulatory approval and applied to deregister its entity in Cyprus. Additionally, it is reportedly under investigation in France for alleged money laundering. In June, the Securities and Exchange Commission (SEC) filed a lawsuit against Binance for violating U.S. securities laws.
Hot Take: Binance Overcomes Regulatory Hurdles to Resume Services in Belgium
After being ordered to cease operations in Belgium by the country’s financial regulator, Binance has successfully reopened registration and resumed services for Belgian users. By utilizing its Polish unit, Binance Poland sp. z o.o., the exchange has complied with regulatory requirements and ensured continuity for its customers in Belgium. Despite facing regulatory challenges across Europe and legal action from the SEC in the United States, Binance continues to navigate these hurdles while maintaining its position as the leading cryptocurrency exchange globally.
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