- Earlier in June, the exchange was ordered by Belgium’s FSMA) to halt operations.
- The exchange has announced it is once again accepting new registrations.
Binance, a cryptocurrency exchange, has announced that it is once again available to customers in Belgium, after earlier difficulties caused by European Economic Area rules. Binance announced on September 25th, 2023, that it will begin offering its services in Belgium.
After more than three months, the exchange has announced it is once again accepting new registrations from users in Belgium. This also implies that, with certain restrictions, users may once again use Binance’s services and products.
Scrutiny Over Compliance
Meanwhile, as of 30 December 2024, the European Union’s Markets in Crypto Assets (MiCA) legislation will apply to crypto platforms providing services to European customers. The exchange has been facing severe scrutiny over compliance globally for quite some time now.
Earlier in June, the exchange was ordered by Belgium’s Financial Services and Markets Authority (FSMA) to halt operations immediately. The ruling required the immediate cessation of any services involving the conversion or exchange of virtual currencies into fiat currency within the jurisdiction of the nation issuing the order.
Users were able to access the crypto exchange on Binance.com despite the regulator’s prior clarification that it does not provide such services in the nation. Therefore, the services did not comply with rules set out by the European Economic Area.
Moreover, new information suggests that by 2024, the thriving Japanese cryptocurrency market would have access to stablecoins issued by Binance in US dollars, Euros, and Japanese yen. Binance has collaborated on this endeavor with the trust banking division of the Mitsubishi UFJ Financial Group (MUFG).
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