Binance Reopens in Belgium after Regulatory Lockdown
Binance, the largest cryptocurrency exchange in terms of trade volume, has announced two positive developments for its users. Firstly, after a three-month regulatory lockdown, Binance is reopening its services for consumers in Belgium. Secondly, Binance has partnered with Japanese banking giant MUFG to launch stablecoins in Japan by 2024.
Binance’s Regulatory Lockdown in Belgium
In June, the Belgian financial regulator FSMA ordered Binance to cease all services related to cryptocurrencies. However, two months later, Binance found a way to continue serving Belgian customers by redirecting them through a Polish entity. Now, Binance has officially announced that it is once again accepting new registrations from Belgian residents and offering various products and services to users who accept their new Terms of Use.
New Regulations to be Abided
Binance will now operate exclusively under the European Union’s Markets in Crypto Assets (MiCA) laws, which will come into effect on December 30, 2024. Binance CEO Changpeng Zhao ‘CZ’ has emphasized that his platform is closely monitoring compliance requirements in the region and plans to issue more stablecoins in the future.
Partnership with MUFG, Japan
On the same day that FSMA banned Binance in Belgium, Mitsubishi UFG, Japan’s largest bank, announced its intention to issue global stablecoins. As per the latest update, Binance is collaborating with Mitsubishi UFJ Financial Group’s trust banking department to create stablecoins pegged to USD, EUR, and Japanese Yen by 2024. To carry out this plan, Binance will need to obtain a license as an electronic settlement methods transaction business provider in Japan.
Hot Take: Binance Expands its Reach and Services
Binance’s reopening in Belgium and partnership with MUFG in Japan are significant milestones for the cryptocurrency exchange. By finding a workaround to continue serving Belgian customers and complying with upcoming EU regulations, Binance is demonstrating its commitment to operating within legal frameworks. The collaboration with MUFG not only opens doors to stablecoin issuance but also strengthens Binance’s presence in the Japanese crypto market. These developments showcase Binance’s adaptability and ambition to expand its reach and services globally.
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