Belgium’s Markets Regulator Forces Binance to Cease Crypto Services in the Country

Belgium’s Financial Services and Markets Authority (FSMA) has issued a notice demanding that Binance, the popular cryptocurrency exchange, halt its services for Belgian customers. The regulator alleges that Binance is providing exchange and custody wallet services for virtual currencies and legal currencies from non-European Economic Area (EEA) countries, which is a violation of a prohibition set by the FSMA.

In the notice, the FSMA states that Binance must immediately cease offering or providing any such services in Belgium. This action adds to the regulatory challenges that Binance is currently facing, including allegations from the U.S. Securities and Exchange Commission (SEC) that it violated securities laws. Additionally, French authorities are conducting an investigation into the exchange’s activities. As a result of regulatory issues, Binance has also withdrawn from markets in the European Economic Area, including the Netherlands and Cyprus.

The FSMA’s order to cease operations in Belgium is another blow to Binance, as it intensifies scrutiny on the exchange’s compliance with regulatory requirements. Binance will need to comply with the regulator’s directive and assess its approach to operating in different jurisdictions as it navigates these ongoing regulatory challenges.

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