Belgium – Binance, the world’s largest cryptocurrency exchange by trading volume, has announced the reinstatement of its services to new customers in Belgium. This decision comes approximately a month after Binance informed its user base that Belgians could access its services through Binance Poland.
Local customers in Belgium can now avail themselves of a range of virtual currency products and services on the Binance platform. However, this privilege is contingent upon Belgians consenting to the new Terms of Use.
The turn of events traces back to June 23, when the Belgian Financial Services and Markets Authority (FSMA) accused Binance of violating Belgian laws governing anti-money laundering and counter-terrorism financing. The regulatory body alleged that Binance had been offering cryptocurrency services to individuals in Belgium originating from non-European Economic Area countries.
In response, the FSMA issued a directive mandating Binance to cease all cryptocurrency-related services in Belgium immediately. Simultaneously, Binance was obligated to communicate with its Belgian clientele and facilitate the return of any cryptocurrencies and private keys held in their accounts on the exchange.
To navigate this regulatory impasse, Binance opted to channel its services to Belgian users through Binance Poland sp. z o.o., a subsidiary of Binance registered in Poland. The establishment of this branch as a provider of virtual asset services took place in January.
Binance has yet to elucidate the specific modifications made to enable the resumption of services for Belgian users.
The global cryptocurrency exchange has encountered regulatory hurdles in multiple jurisdictions in recent times, including Canada. Furthermore, it currently faces legal action from the US Securities and Exchange Commission (SEC).
In August, Binance ceased its support for cryptocurrency cards in Latin America and the Middle East due to the reported termination of its partnership with Mastercard.
