Business, World News

Why Belgium ordered Binance to end services in the state

Published by Tope Fakinlede on June 24th, 2023.

Why Belgium ordered Binance to end services in the state

According to a Friday notice, Belgium’s top markets regulator has ordered embattled crypto exchange Binance to immediately cease serving local customers, FCG reports

FCG learnt that the Financial Services and Markets Authority (FSMA) said Binance is “offering and providing exchange services in Belgium between virtual currencies and legal currencies, as well as custody wallet services, from countries that are not members of the European Economic Area,” which the regulator says is in violation of a prohibition.

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

FCG gathered that Binance is in the regulatory hot seat as it battles U.S. SEC allegations it violated securities laws and was recently revealed to be the subject of an investigation by French authorities. The exchange has also pulled out of European Economic Area markets like the Netherlands and Cyprus over regulatory issues.

In a statement shared after the publication of this article, a Binance spokesperson said, “We are disappointed to learn that the FSMA has come to this decision despite our ongoing conversations. We are reviewing the details of their notice and will continue to work collaboratively with regulators in Belgium and around the world in compliance with our obligations.”