Binance has reopened its services in Belgium by resuming its registration for the country’s residents after a suspension for about three months, the crypto exchange giant announced yesterday (Monday).
“We are delighted to announce that as of today, new registrations of Belgian residents are welcome on our platform once again,” the tweet from Binance’s Belgian handle stated. “In addition, various Binance products and services are accessible again to Belgian users who have accepted our new Terms of Use.”
Great news for our Belgian community 🇧🇪
We’ve now reopened registrations and access to #Binance products and services in Belgium. https://t.co/IActiqYMjm
— Binance (@binance) September 25, 2023
Binance’s troubles in Belgium started following the local financial market regulator, the Financial Services and Markets Authority (FSMA), ordered the exchange
Exchange
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term in June to immediately suspend its services and return customers’ holdings.
According to the FSMA, 19 out of 27 “Binance Operators” failed to show that they were “based in the European Economic Area and are authorized, based on their domestic laws, to provide such services in Belgium.” Crypto exchanges in Europe need to obtain local licenses to operate locally.
At that time, Binance dodged shutting down its Belgian operations as the regulator allowed the exchange to transfer its uses under other entities, but only with their consent. Thus, Binance migrated its users in Belgium to its Polish subsidiary.
Binance Must be Compliant
Founded in 2017, Binance grew exponentially in its initial days without seeking regulatory licenses. However, regulators soon started to take an interest in firms like Binance, and the exchange had to change its global strategy and obtain regulatory approval in the markets where it operates.
The latest regulatory push against Binance came after the US securities regulator slapped a lawsuit on the global crypto exchange, its US arm, and CEO Changpeng Zhao with serious allegations, including co-mingling of customers’ funds. The SEC’s actions triggered a new wave of regulatory backlash against Binance.
In Europe, Binance deregistered its Cyprus and the UK entity in recent months. The exchange also shuttered its operations in The Netherlands after failing to obtain a local license and also dropped its license application in Germany.
Meanwhile, the largest crypto exchange in terms of trading volume, also warned that it might delist stablecoins from the European markets next year to align its services with the incoming Markets in Crypto-Assets (MiCA) framework in the European Union.
Binance has reopened its services in Belgium by resuming its registration for the country’s residents after a suspension for about three months, the crypto exchange giant announced yesterday (Monday).
“We are delighted to announce that as of today, new registrations of Belgian residents are welcome on our platform once again,” the tweet from Binance’s Belgian handle stated. “In addition, various Binance products and services are accessible again to Belgian users who have accepted our new Terms of Use.”
Great news for our Belgian community 🇧🇪
We’ve now reopened registrations and access to #Binance products and services in Belgium. https://t.co/IActiqYMjm
— Binance (@binance) September 25, 2023
Binance’s troubles in Belgium started following the local financial market regulator, the Financial Services and Markets Authority (FSMA), ordered the exchange
Exchange
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term in June to immediately suspend its services and return customers’ holdings.
According to the FSMA, 19 out of 27 “Binance Operators” failed to show that they were “based in the European Economic Area and are authorized, based on their domestic laws, to provide such services in Belgium.” Crypto exchanges in Europe need to obtain local licenses to operate locally.
At that time, Binance dodged shutting down its Belgian operations as the regulator allowed the exchange to transfer its uses under other entities, but only with their consent. Thus, Binance migrated its users in Belgium to its Polish subsidiary.
Binance Must be Compliant
Founded in 2017, Binance grew exponentially in its initial days without seeking regulatory licenses. However, regulators soon started to take an interest in firms like Binance, and the exchange had to change its global strategy and obtain regulatory approval in the markets where it operates.
The latest regulatory push against Binance came after the US securities regulator slapped a lawsuit on the global crypto exchange, its US arm, and CEO Changpeng Zhao with serious allegations, including co-mingling of customers’ funds. The SEC’s actions triggered a new wave of regulatory backlash against Binance.
In Europe, Binance deregistered its Cyprus and the UK entity in recent months. The exchange also shuttered its operations in The Netherlands after failing to obtain a local license and also dropped its license application in Germany.
Meanwhile, the largest crypto exchange in terms of trading volume, also warned that it might delist stablecoins from the European markets next year to align its services with the incoming Markets in Crypto-Assets (MiCA) framework in the European Union.