The world’s largest cryptocurrency exchange has announced the suspension of some of its services in Belgium. The move comes almost two months after the Belgian Financial Services and Markets Authority (FSMA) warned Binance to end its services.
Note: Binance Poland now takes over and the story ends well for users in Belgium. 🤩
Binance suspends certain services in Belgium
The exchange Binance continues to expand its services around the world. However, the exchange is not finding success everywhere. The platform is forced to withdraw from certain countries under regulatory pressure. After Canada, Germany, Netherlands, Cyprus, the platform Binance is now leaving Belgium. The announcement was made by mail to users in Belgium.
Henceforth, operations involving the use of fiat will be suspended. As a result, it will no longer be possible to buy, sell, convert, trade and deposit cryptos in fiat. However, Binance users in Belgium can still withdraw their funds.
Binance yields to regulatory pressure in Belgium
The reasons for Binance’s departure from the Belgian market can be found two months earlier. In fact, in its order of last June 23, the Belgian Financial Services and Markets Authority (FSMA) asked Binance to cease its services in Belgium. The platform was also required to return all its funds to Belgian customers, or transfer them to another duly regulated platform in the country.
This measure by the Belgian regulator was justified by alleged violations of the country’s laws by Binance. Indeed, companies from outside the European Economic Area are prohibited from providing crypto services on Belgian territory. The FSMA considers that Binance violates this ban by offering crypto services in Belgium.
With the entry into force of the MiCA law fast approaching, exchanges must prepare for heavy regulatory pressure in Europe. Binance is well aware of this, and has even left certain countries to comply with MiCA requirements. See you in January 2024 for the rest!
CEO and Editor-in-Chief of Coinpri I have been navigating the waters of Blockchain for 5 years already.
Wait, I can see the Promised Land of Adoption in the distance.