New Development in FSMA and Binance Tensions: Exchange Restarts Services in Belgium

Crypto News – Following a three-month break due to regulatory action, cryptocurrency exchange Binance has resumed operations in Belgium.

New Development in FSMA and Binance Tensions: Exchange Restarts Services in Belgium

The reopening of registrations for Belgian citizens has been announced by Binance.

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

Binance

However, a new set of terms and conditions must be accepted by Belgian users before they can use the platform again or participate in the exchange.

Various Binance products and services are accessible again to Belgian users who have accepted our new Terms of Use,

a recent statement

Why Did FSMA Take Such a Decision?

The Financial Services and Markets Authority (FSMA) of Belgium issued a directive to Binance on June 27, ordering it to stop operating any cryptocurrency exchanges within the country. The FSMA cited its strict regulations prohibiting the facilitation of money laundering and terrorism financing. Binance is charged with knowingly enabling such activities from outside of Belgium.

According to the FSMA, it contacted Binance many times to request details. Injury-wise, the supplier of the in-question services was primarily to blame. The FSMA was not satisfied with Binance’s efforts to persuade it that the entities were compliant with Belgian law.