Binance Resumes Services in Belgium After Facing Regulatory Action

Cryptocurrency exchange Binance has resumed services in Belgium after a suspension of approximately three months due to regulatory action.

“Various Binance products and services are accessible again to Belgian users who have accepted our new Terms of Use,” a recent statement noted.

Binance Belgium Introduces Updated Terms and Conditions

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According to a recent statement, Binance has announced the reopening of registrations for Belgian residents. Belgians can now utilize the platform again, marking the end of nearly three months of service suspension in the region.

Belgian users who wish to use the service again or sign up for the first time must consent to a revised set of terms and conditions.

“We are delighted to announce that as of today, new registrations of Belgian residents are welcome on our platform once again.”

Read more: Binance Review 2023: Is It the Right Crypto Exchange for You?

On June 27, Belgium’s Financial Services and Markets Authority (FSMA) ordered Binance to cease all crypto exchange services within Belgium. 

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The FSMA pointed to its stringent laws against facilitating money laundering and terrorist financing. It accuses Binance of knowingly facilitating such services from outside Belgium:

“The FSMA has therefore ordered Binance to cease, with immediate effect, offering or providing any such services in Belgium.”

Binance’s Ongoing Struggle Against Regulators

The FSMA asserted that it had submitted multiple inquiries to Binance seeking information. The injuries were mainly regarding the source of the services in question.

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However, Binance did not convince the FSMA that the entities are operating within Belgium’s legal framework to the FSMA’s contentment.

According to data from DefiLlama, Binance has a Total Value Locked (TVL) of $57.25 billion USD.

The FSMA has also recently implemented stringent measures concerning crypto.

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In April, the FSMA introduced regulations aimed at the promotion of crypto in Belgium. It ruled that a crypto firm must notify the FSMA ten days before launching an advertising campaign. Any promotion must also include a disclaimer at the bottom stating, “The only guarantee in crypto is risk.”

Meanwhile, Binance remains entangled in regulatory challenges across the globe. Binance’s United States division, Binance.US, recently asked for a dismissal of the lawsuit against the SEC.

The exchange claims that its operations did not cause any harm to investors. Therefore, it asserts that it should not face any penalties for security violations.

“Significantly, the SEC does not claim that BHL or Mr. Zhao committed any fraud or harmed a single investor.”

On June 5, the SEC loadged 13 charges against the crypto exchange. It includes allegations of operating as an unregistered exchange, broker-dealer, and clearing agency.