After a temporary pause in its services, Binance, a prominent cryptocurrency exchange, has resumed operations in Belgium. This move comes after a period of regulatory scrutiny and adjustments to ensure compliance with local authorities.
The Financial Services and Markets Authority (FMSA) in Belgium had previously issued a warning against Binance, although it was unrelated to the ongoing legal disputes Binance is facing in other jurisdictions. Instead, the FMSA expressed concerns about Binance’s practice of offering exchange services and hosting wallets in non-European Economic Area (EEA) countries. Such practices, the regulator argued, could facilitate money laundering and other illicit activities.
In response to these concerns, the FMSA had instructed Binance to immediately cease its operations in Belgium and transfer relevant cryptographic keys to local entities and customers. To cater to Belgian users who wished to continue using Binance’s services, the exchange redirected them to its Polish entity, which is fully compliant with local regulatory requirements.
Now, Binance has received regulatory approval to operate in Belgium once again. The Belgian branch of the exchange is now accepting new user registrations and offering most of its services to clients who have agreed to the updated Terms of Service.
While the specific changes made to Binance Belgium’s Terms of Service and internal operations to ensure compliance with Belgian authorities remain undisclosed, a preliminary examination of the Belgian portal indicates no major differences for users. It is likely that the adjustments primarily involved securing the custody of assets within the European Union. Nevertheless, the platform’s full reactivation is still ongoing, with some users reporting technical issues related to geolocation.
Despite this positive development in Belgium, Binance continues to face legal challenges, particularly in U.S. courts, where Binance U.S. and its CEO have been accused of improper conduct. Binance U.S. has already initiated efforts to dismiss the charges and is bracing for a protracted legal battle.
Binance’s ability to navigate regulatory complexities and maintain compliance with evolving standards remains a topic of interest as it seeks to expand its presence and offerings in various markets worldwide.
