Crypto exchange giant Binance has announced the reopening of registrations and access to its suite of products and services for Belgian crypto enthusiasts. This development comes after a three-month hiatus, during which the exchange was instructed by Belgium’s financial regulator to halt cryptocurrency-related services.
In a statement made on September 25th, Binance conveyed, “New registrations of Belgian residents are welcome on our platform once again.” It is worth noting that these users will need to accept the updated Terms of Use to regain access to Binance’s offerings.
This recent turn of events began on June 23rd when the Belgian Financial Services and Markets Authority (FSMA) accused Binance of violating the nation’s anti-money laundering and counter-terrorism financing laws. The FSMA alleged that Binance had been providing crypto-related services “from countries that are not members of the European Economic Area.” Consequently, the FSMA ordered Binance to cease all such services in Belgium “with immediate effect.” Furthermore, Binance was tasked with reaching out to its Belgium-based clients and returning all crypto assets and private keys held by the exchange.
In response to these regulatory actions, Binance took a strategic step to reroute its services for Belgian users through its subsidiary, Binance Poland sp. z o.o. This Polish-registered entity had already been designated as a virtual asset service provider in January, aligning with regulatory requirements.
As of now, Binance has not provided detailed information about the specific changes or actions taken that have allowed it to resume services for Belgian users. Cointelegraph has reached out to both Binance and Belgium’s FSMA for further clarification and comment on this matter.
The reopening of registrations and services for Belgian users marks a significant development in the ever-evolving regulatory landscape of the cryptocurrency industry. It remains to be seen how this move will impact the relationship between Binance and regulators in Belgium, as well as the broader implications for the crypto market as a whole.
