- Binance resumes services in Belgium after a three-month suspension.
- Regulatory concerns led to Binance’s temporary halt in the country.
- The exchange redirects Belgian users through its Polish entity.
Facing regulatory scrutiny everywhere, Binance has secured a win in its battles with regulators. After a three-month hiatus imposed on the grounds of alleged anti-money laundering (AML) violations, the world’s largest exchange resumed operations in Belgium.
Binance’s Return to Belgium
Binance’s suspension in Belgium began in June when the Belgian Financial Services and Markets Authority accused the exchange of violating the country’s Anti-Money Laundering and Counter-Terrorism Financing laws.
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Specifically, Binance allegedly offered crypto-related services from non-European Economic Area countries. As a result, the regulator ordered Binance to halt all related services in Belgium immediately.
During this period, Binance redirected its Belgian users to its Polish entity, Binance Poland sp. z o.o. However, as of September 25, Binance announced the reopening of its platform for Belgian users, emphasizing that various products and services would be available once users accepted the new Terms of Use.
Regulatory Landscape and Binance’s Strategy
Binance’s temporary suspension in Belgium was part of the exchange’s broader challenge across Europe. Last week, Binance indicated plans to delist stablecoins for the European market by June 2024.
This decision aligns with the European Union’s upcoming Markets in Crypto-Assets (MiCA) legislation, set to be implemented in June 2024.
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Binance’s operations in other jurisdictions have also been scrutinized, especially in the United States. There, executive departures raised questions about the company’s internal dynamics.
On the Flipside
- While Binance’s return to Belgium is a positive development for the exchange, it also underscores the importance of adhering to local regulations and understanding the evolving crypto regulatory environment.
- During the suspension period, Binance’s strategy to redirect Belgian users to its Polish entity highlights the exchange’s adaptability and resilience in navigating complex regulatory waters.
Why This Matters
Binance’s continued access to the growing European market is crucial for its operations, especially because of ongoing regulatory issues in the US.
Read more about Binance’s stance on stablecoins:
Binance CEO Changpeng Zhao Clears Air on Stablecoin Delisting
Read more about the mainstream media coverage of FTX:
BBC Show to Spotlight ‘Crypto King’ Sam Bankman-Fried
