Cryptocurrency exchange Binance has announced the resumption of its services in Belgium after a suspension lasting approximately three months. The reopening comes as a result of users in Belgium agreeing to new terms and conditions imposed by the platform. This development follows regulatory action taken by Belgium’s Financial Services and Markets Authority (FSMA), which had ordered Binance to cease all cryptocurrency exchange services within the country.
Revised Terms and Conditions:
Belgian residents can once again register and utilize the Binance platform. However, users are required to consent to a revised set of terms and conditions, as outlined by Binance. The company expressed its satisfaction in welcoming new registrations from Belgian residents, signaling the end of the temporary suspension of services in the region.
Regulatory Action by FSMA:
The FSMA had taken regulatory action against Binance on June 27, 2023, instructing the exchange to halt all cryptocurrency exchange services within Belgium. The regulator cited strict regulations against facilitating money laundering and terrorist financing as the basis for its action. FSMA accused Binance of knowingly offering such services from outside Belgium’s jurisdiction, a claim that Binance failed to convince the FSMA to its satisfaction.
Global Regulatory Challenges for Binance:
Binance has faced ongoing regulatory challenges across multiple jurisdictions worldwide. In the United States, Binance’s division known as Binance.US has recently sought the dismissal of a lawsuit filed by the Securities and Exchange Commission (SEC). The lawsuit, initiated on June 5, 2023, includes 13 charges against Binance, alleging violations such as operating as an unregistered exchange, broker-dealer, and clearing agency. Binance.US has argued that its operations did not harm investors or involve fraud, and therefore, it should not be subject to penalties for security violations.
Binance’s decision to resume services in Belgium following a suspension underscores the complex and evolving regulatory landscape surrounding cryptocurrencies and crypto exchanges. While the platform has successfully navigated some regulatory challenges, it continues to face scrutiny and legal action in various jurisdictions. The ongoing struggle against regulatory authorities highlights the importance of regulatory compliance and adaptation for cryptocurrency exchanges operating on a global scale.