In a surprising move, the renowned crypto exchange, Binance, recently reopened its doors for operations in Belgium. This comes three months after the exchange was directed by Belgium’s finance regulatory authority to immediately cease all cryptocurrency-related services.
In a September 25th post on a popular social media platform, the company confirmed that Belgian residents can once again register for their services. It also indicated that a variety of Binance products and services would be available to users who accept their new Terms of Use.
This development comes after Belgium’s Financial Services and Markets Authority accused Binance of violating the country’s anti-money laundering and counter-terrorism financing laws. Specifically, the accusation was for allegedly offering crypto-related services “from countries that are not members of the European Economic Area.” The Belgian regulatory authority subsequently ordered Binance to halt all related services in Belgium and return all tokens and private keys held for its Belgium-based clients.
To navigate this, Binance tactfully redirected its services for Belgians through its Polish-registered arm, Binance Poland, which is registered as a virtual asset service provider. However, the statement did not provide details on what changes were implemented to allow it to resume services for Belgian users.
Simultaneously, Binance is also planning to delist stablecoins for the European market by June 2024. This is geared towards compliance with the incoming Markets in Crypto-Assets (MiCA) legislation, which takes effect in June 2024. This comes amidst numerous rumors about potential internal issues within the firm, due to a mass exodus of executives of its US operations. However, the firm’s CEO, Changpeng ‘CZ’ Zhao, has repeatedly refuted these claims.
While this reinstatement might seem like solid progression, one must bear in mind that this might also trigger regulatory authorities in other parts of the world to scrutinize Binance‘s operations more closely. As cryptocurrencies continue to push for mainstream acceptance across global financial systems, it’s become increasingly crucial for exchanges to align with regulatory measures without compromising their businesses. Further developments regarding the interaction between big crypto players like Binance and global financial regulations should be followed closely.
Source: Cointelegraph
