Belgium Welcomes Binance Back as Crypto Exchange Services Resume

Cryptocurrency exchange Binance has once again opened its doors to Belgian users, marking a significant development in its operations following a three-month hiatus. This move comes after the exchange was directed by Belgium’s financial regulatory body to cease all cryptocurrency-related services within the country.

In a post on X (formerly Twitter) dated September 25, Binance officially announced the reactivation of new registrations for Belgian residents. Along with this, the exchange confirmed that various Binance products and services would be accessible to Belgian users who accept the revised Terms of Use.

The regulatory clash began on June 23 when the Belgian Financial Services and Markets Authority accused Binance of violating the nation’s anti-money laundering and counter-terrorism financing laws. The allegation stemmed from Binance’s purported provision of crypto-related services “from countries that are not members of the European Economic Area.” Consequently, the regulator issued an immediate cease-and-desist order, mandating Binance to reach out to all its Belgian clients and return any cryptocurrencies and private keys held on their behalf.

In response to these developments, Binance rerouted its services for Belgian users through Binance Poland sp. z o.o., its Polish-registered subsidiary, which had previously obtained registration as a virtual asset service provider in January.

Despite the reopening, Binance’s statement did not elaborate on the specific changes implemented to enable the resumption of services in Belgium.

Beyond its operations in Belgium, Binance has also made strategic decisions elsewhere in Europe. The exchange has signaled its intention to delist stablecoins for the European market by June 2024, in alignment with the forthcoming Markets in Crypto-Assets (MiCA) legislation set to take effect in the European Union during the same month.

In the United States, Binance.US experienced a series of high-level executive departures, leading to speculation about internal challenges within the organization. However, Binance CEO Changpeng ‘CZ’ Zhao has repeatedly dismissed these rumors, emphasizing the firm’s commitment to its operations.

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