Crypto exchange giant Binance has reopened its services to users in Belgium, despite being ordered to cease operations earlier this year. This decision comes amidst increased regulatory scrutiny, new product releases, and significant advancements in blockchain technology in the cryptocurrency landscape.
Binance Returns to Belgium
Belgium’s financial regulator, the FSMA, accused Binance of breaking laws on money laundering and terrorism financing in June. The ruling led Binance to shut down its services in Belgium, directing Belgian users to its Polish counterpart. However, Binance recently stated that services will be available to users who accept updated Terms of Use.
Binance initially grew rapidly without obtaining regulatory licenses in 2017. However, regulatory bodies became interested in companies like Binance, and the exchange had to alter its global approach to secure regulatory approval in the markets it operates in.
Read More: Binance and CEO, CZ, File to Dismiss SEC Lawsuit
Recently, Binance faced regulatory action due to a lawsuit filed by the US securities regulator against the global crypto exchange, its US branch, and CEO Changpeng Zhao. The lawsuit contained severe allegations of co-mingling customers’ funds. Following the SEC’s actions, there has been a surge in regulatory backlash against Binance.
Also Read: Binance US Hit by Executive Exodus: CEO, CRO, and Head of Legal Resign Amid Regulatory Pressure
Over the past few months, Binance has taken steps to withdraw its registered entities from Cyprus and the UK. Furthermore, it has ceased operations in the Netherlands as a result of not having a valid local license and abandoned its license application in Germany. The reopening of Binance operations in Belgium offers new opportunities for crypto enthusiasts in the country.
Disclaimer: Please note that this article serves solely for informational purposes and should not be construed as financial advice. We strongly advise readers to conduct thorough research and consult with financial professionals before making any investment decisions.
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