Binance back in Belgium after regulatory hurdles cleared

abdelaziz Fathi

Binance has resumed accepting registrations and providing access to its products and services in Belgium. This decision comes three months after the country’s Financial Services and Markets Authority (FSMA) had instructed Binance to cease offering its services in Belgium.

The specific changes that allowed the resumption of services in Belgium have not been disclosed, but Binance has been actively working to comply with evolving global regulatory frameworks. This includes the European Union’s forthcoming Markets in Crypto-Assets (MiCA) legislation scheduled to take effect in June 2024. The crypto giant has now made various products and services accessible to Belgian users who have accepted the new Terms of Use.

In June, the FSMA raised concerns about violations of anti-money laundering and counter-terrorism financing laws. The regulator sought information from Binance through multiple inquiries, primarily concerning the source of the services being provided.

Despite these inquiries, Binance was unable to satisfy the FSMA that its entities were operating in compliance with Belgium’s legal framework, leading to the order to cease services in the country. As a result, it initially redirected Belgian users to its Polish-registered subsidiary, Binance Poland sp. z o.o., to continue serving them.

Binance did not contest the FSMA’s findings. In response to the its actions, a Binance spokesperson stated in June, “We are reviewing the details of their notice and will continue to work collaboratively with regulators in Belgium and around the world in compliance with our obligations.” The FSMA also confirmed that Binance complied with the injunction issued in June, which aimed to prevent Binance from conducting any business in Belgium from outside the European Economic Area (EEA), as it violated Belgian law.

Elsewhere, Binance withdrew its application for a crypto license in Germany. This move came as the crypto giant continues to reassess its immediate expansion plans in response to the tough regulatory stance towards the whole industry.

Binance’s decision to withdraw its application for a crypto license in Germany was also part of a broader exit strategy from various markets, including the UK, Austria, Belgium, and the Netherlands. Additionally, the exchange’s U.S. arm is currently facing a lawsuit from regulators for operating an unregistered exchange.

Binance stated that it will not disclose specific details of its conversations with regulators in Germany. However, the exchange affirmed its commitment to comply with BaFin’s requirements.

Binance described the process as detailed and ongoing, emphasizing that it is confident in having the necessary team and measures in place to address the regulatory concerns and navigate the situation.

Read this next

Digital Assets

JPMorgan’s stablecoin ventures into interbank transactions

JPMorgan Chase & Co.’s proprietary digital token, JPM Coin, is set to expand its use case by facilitating interbank transactions on Partior, a blockchain ledger developed in collaboration with DBS Bank, Temasek, and Standard Chartered.

Retail FX

Interactive Brokers’ client base surges past 2.5 million

Interactive Brokers LLC (NASDAQ:IBKR) saw 1.89 million daily average revenue trades, or DARTS, in November 2023 compared to 1.93 million transactions in the prior month. The figure is three percent lower on a yearly basis, and also dropped slightly from a month earlier.

Executive Moves

Andrew Gibson launches TimberFX brokerage brand in Cyprus

After nearly two years at Tavira Securities as Head of Product Development, industry veteran Andrew Gibson is launching a new FX brokerage business based out of Cyprus.

Market News

US Dollar’s Trajectory Amidst Seasonal Trends and Economic Indicators in December 2023

As we traverse the final stretch of 2023, the noteworthy depreciation of the US dollar dominates the financial landscape

Inside View

Unlocking the Financial Potential of SMEs: Is FinTech the Key?

The rise of the gig economy for early-stage startups and freelancers has highlighted the increasing importance of small-scale business transactions and banking requirements. Unfortunately, this has also exposed a significant gap in the SME banking landscape.

Digital Assets

South Africa’s FSCA receives 138 crypto license applications

The Financial Sector Conduct Authority (FSCA) of South Africa is currently processing a slew of applications from cryptocurrency companies seeking operational licenses.


Exclusive Interview with Greg Rubin, Head of Axi Select: Unveiling the Future of Capital Allocation in the Financial World

Today, we are thrilled to kickstart another series of exclusive interviews with top executives in the financial services industry, hosted by our FinanceFeeds Editor-in-Chief, Nikolai Isayev. Our next guest is none other than Greg Rubin, the mastermind behind Axi Select.

Digital Assets receives UK’s EMI license, paving way for regulated expansion

Cryptocurrency exchange has been authorized as an Electronic Money Institution by the United Kingdom’s Financial Conduct Authority (FCA).

Digital Assets

Ripple’s Metaco joins Zodia Custody’s network for connectivity with Layers 0 and 1

“As the industry undergoes a pivotal transformation, our networked infrastructure is dedicated to standardise, govern and connect institutional digital asset flows — an essential step in forging use cases that transcend individual companies.”