Binance has reopened services in Belgium after a three-month-long suspension. In a tweet on Monday, the giant cryptocurrency exchange stated that various products and services are now available to Belgian users who have accepted its new Terms of Use.
Binance Resume Services in Belgium
“We are delighted to announce that as of today, new registrations of Belgian residents are welcome on our platform once again,” the company said on X, formerly dubbed Twitter.
The latest development comes three months after Binance was ordered to cease serving Belgian users. The order was issued by Belgium’s Financial Services and Markets Authority (FSMA), which accused the exchange of violating anti-money laundering and counter-terrorism financing laws by offering services to Belgian residents from areas listed outside the European Economic Area (EEA).
In addition to the cease and desist order, FSMA ordered Binance to return all crypto assets and private keys belonging to Belgian users.
At the time, the financial regulator suggested that Binance could transfer users’ assets to entities governed by the law of an “EEA member state and duly authorized by their domestic law to carry out such activities.”
This prompted the crypto exchange to announce that it was diverting its services for Belgian users through Binance Poland sp. z o.o., the exchange’s Polish-regulated arm. The move was termed smart by many, as Poland is a member of the EEA. Binance Poland is registered as a virtual asset service provider (VASP) in Poland.
Regulatory Compliance
The latest development underscores Binance’s commitment to regulatory compliance. It also indicates that the exchange and the FSMA have reached a consensus.
However, Binance continues to face heightened regulatory pressure in other European countries and the United States. Recently, the company filed a petition to dismiss a lawsuit against it by the US Securities and Exchange Commission (SEC). The suit, filed by the SEC in June, alleged that the exchange violated securities law by operating illegally, mishandling customers’ funds, and offering unregistered securities to investors in the country.
