Crypto exchange Binance has resumed registrations and access to its services in Belgium, three months after the country's Financial Services and Markets Authority (FSMA) ordered it to cease its operations. On Monday, Binance announced that various products and services are now available to Belgian users who have accepted the company's new Terms of Use.
The FSMA had initially instructed Binance to halt its services in June, citing violations of a prohibition against providing services from outside the European Economic Area (EEA). In response, Binance redirected Belgian users to its Polish-registered subsidiary, Binance Poland sp. z o.o., to continue serving them.
The FSMA's concerns were primarily related to potential violations of anti-money laundering and counter-terrorism financing laws. Despite multiple inquiries by the regulator, Binance was unable to satisfy the FSMA that its entities were operating in compliance with Belgium’s legal framework.
Binance did not contest the FSMA’s findings and complied with the injunction issued in June, which aimed to prevent the company from conducting any business in Belgium from outside the EEA. "We are reviewing the details of their notice and will continue to work collaboratively with regulators in Belgium and around the world in compliance with our obligations,” a Binance spokesperson said in June.
In addition to resuming services in Belgium, Binance has been actively working on aligning with global regulatory frameworks, including the European Union’s forthcoming Markets in Crypto-Assets (MiCA) legislation scheduled to take effect in June 2024.
However, Binance has faced regulatory challenges elsewhere. The crypto giant withdrew its application for a crypto license in Germany as part of a broader exit strategy from various markets including the UK, Austria, Belgium, and the Netherlands. The exchange's U.S. arm is also currently facing a lawsuit from regulators for operating an unregistered exchange.
Despite these challenges, Binance remains committed to regulatory compliance. The company stated that it will not disclose specific details of its conversations with regulators in Germany, but affirmed its commitment to comply with the requirements of the Federal Financial Supervisory Authority (BaFin).
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