Binance Announces the Reopening of Operations in Belgium
- Binance has announced that it will reopen its operations for its users in Belgium via a post on X.
- The exchange said that it will now support the registration of new users.
- The Belgian Financial Services and Markets Authority asked the exchange to end operations in July 2023.
- The exchange was accused of violating AML and counter-terrorism financing laws present in the country.
Binance, the world’s largest crypto exchange, has announced the reopening of its operations in Belgium, and now users can begin with registrations and access to the crypto trading platform’s products and services. Moreover, this statement comes almost three months after the exchange was ordered by the country’s finance regulator to cease cryptocurrency-related services.
It is important to mention here that in July 2023, the financial regulator of the country, the Belgian Financial Services and Markets Authority, accused Binance of violating the anti-money laundering and counter-terrorism financing laws present in the country, asking the exchange to cease all crypto-related services “with immediate effect.”
The regulator asked Binance to contact all its Belgium-based clients and return all crypto and private keys that it had stored. The regulatory action pushed the crypto exchange to divert its services for Belgians through Binance Poland sp. z o.o., the exchange’s registered arm in Poland. Interestingly, the firm registered its Polish arm in January this year.
On the other hand, Binance has announced that it will delist all the stablecoins in the European region by 2024 in order to comply with the European Union’s incoming Markets in Crypto-Assets (MiCA) legislation, which was passed recently and will go into effect in 2024. However, crypto exchanges in the EU area are trying to acquire registrations and ramp up operations after the passing of the MiCA legislation.
Additionally, Binance is facing strict actions from regulators in the United States, with the exchange laying off multiple employees from its US arm. Many executives have also left the company, including CEO Brian Shroden, who was appointed not very long ago. As per an earlier report from Bitnation, the leading exchange seeks to dismiss the lawsuit filed by the Securities and Exchange Commission (SEC) of the US as well.