The cryptocurrency exchange giant, Binance, has resumed its exchange operations for the crypto community in Belgium. This development follows a three-month period during which the Belgian financial regulatory authority issued an immediate cessation order.
Binance made the announcement of this significant reopening via a post on X (formerly known as Twitter), dated September 25th. They extended a warm welcome to new registrations from Belgian residents.
Additionally, they affirmed that various Binance offerings and services would once again be available to Belgian users. However, this access is contingent upon users agreeing to the newly introduced Terms of Use.
Binance Poland: Facilitating Continued Exchange Operations for Belgian Users
On the fateful day of June 23rd, the Belgian Financial Services and Markets Authority took a stringent stance against Binance. They accused the exchange of breaching Belgium’s anti-money laundering and counter-terrorism financing statutes.
This was attributed to Binance allegedly providing crypto-related services “from countries that are not members of the European Economic Area.”
In light of these allegations, Binance was promptly ordered to cease all operations related to cryptocurrency in Belgium. As part of this action, there was a mandate to reach out to all of its clients located in Belgium. The objective was to facilitate the return of any cryptocurrency holdings and private keys that were held by the exchange.
In response to this regulatory challenge, Binance devised an ingenious solution. They redirected their services for Belgian users through Binance Poland sp. z o.o., the Polish-registered subsidiary of Binance.. It’s worth noting that Binance had previously registered this entity as a virtual asset service provider back in January.
Latest Developments in Binance
Binance’s recent announcement brings good news for its Belgian users. However, the details regarding the specific changes made to reinstate these services have not been disclosed. Cointelegraph has initiated inquiries with both Binance and Belgium’s FSMA for further clarification.
Meanwhile, across the European landscape, Binance has hinted at its intentions to delist stablecoins from the European market by June 2024. This strategic move is in alignment with the forthcoming enactment of the European Union’s Markets in Crypto-Assets (MiCA) legislation, scheduled to take effect in June 2024.
Conversely, in the United States, a wave of resignations among Binance.US executives has prompted speculation within industry circles. Some observers have raised questions about the internal stability of the firm. However, Binance’s CEO, Changpeng ‘CZ’ Zhao, has consistently refuted these rumors on multiple occasions.
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