Binance Resumes Operations in Belgium Under New Terms of Use

Crypto exchange Binance has reinstated registrations and access to its services in Belgium, three months after the Financial Services and Markets Authority (FSMA) mandated the company to cease its operations. On Monday, Binance announced that various products and services are now available to Belgian users who have agreed to the updated Terms of Use.

The FSMA had initially instructed Binance to stop its services in June, citing breaches of regulations regarding the provision of services from outside the European Economic Area (EEA). In response, Binance directed its Belgian users to its Polish-registered subsidiary, Binance Poland sp. z o.o., to continue operations.

The regulator’s concerns primarily revolved around potential violations of anti-money laundering and counter-terrorism financing legislation. Despite multiple inquiries from the FSMA, Binance was unable to demonstrate that its operations were compliant with Belgium’s legal framework.

Binance did not contest the FSMA’s accusations and complied with the June injunction, which aimed to halt the company’s business activities in Belgium from outside the EEA. A Binance spokesperson indicated in June that the company was reviewing the regulator’s notice and would continue to collaborate with authorities both in Belgium and globally.

Alongside the resumption of services in Belgium, Binance has been actively working to align with international regulatory frameworks, including the upcoming Markets in Crypto-Assets (MiCA) legislation from the European Union, set to take effect in June 2024.

However, Binance continues to face regulatory hurdles in other regions. The exchange recently withdrew its application for a crypto license in Germany, which is part of a broader strategy to exit various markets, including the UK, Austria, Belgium, and the Netherlands. Additionally, the exchange’s U.S. division is currently embroiled in a lawsuit from regulators over allegations of operating an unregistered exchange.

Despite these ongoing challenges, Binance remains focused on regulatory compliance. The company has stated that it will not disclose specific details regarding its discussions with German regulators but affirmed its commitment to meeting the requirements set forth by the Federal Financial Supervisory Authority (BaFin).