Search Results for: FSMA

“Binance, a leading cryptocurrency exchange, resumes services in Belgium through an entity in Poland, aligning with EEA member state guidelines. Amid regulatory hurdles, Binance also plans to delist stablecoins for the European market correlating with upcoming MiCA legislation.”

The European Parliamentary Research Service (EPRS) suggests regulators from non-EU regions need to impose stricter controls on cryptocurrency for market stability. Heavy reliance on non-EU nations’ policies for the EU’s fiscal system is cited as a concern. Regulatory uncertainty in the US and changes in the UK’s crypto-assets identification are highlighted. The balance between innovation and regulation is imperative for the protection of investors, market and the ongoing creativity of the crypto industry.

Binance US, a major cryptocurrency exchange, has seen multiple high-profile departures amid increasing regulatory scrutiny from the U.S. Securities and Exchange Commission (SEC). Accusations against the company include operating unauthorized platforms and violating commodities laws. These challenges alongside a significant drop in U.S. market share place Binance US at a crucial crossroads.

Binance will continue serving Belgian users despite previous AML and CFT violations by transferring operations to its Polish entity, Binance Poland. Belgian users will now adhere to Poland’s KYC regulations. This comes amid upcoming EU crypto regulations in 2024.

The UK government has declined a proposal to regulate crypto retail trading similar to gambling, arguing the potential risks of crypto investments differ. Instead, they aim to enforce high standards within the crypto industry, working alongside crypto firms to ensure they meet approval standards. This unique regulatory approach distinguishes crypto from conventional forms.

A U.S. District Court denied a motion to stop the SEC from issuing public statements about Binance’s ongoing legal case, filed by the legal teams of Binance, Binance.US, and CEO Changpeng “CZ” Zhao. The lawsuit alleges unregistered securities offerings to U.S. customers, while Binance faces regulatory hurdles in Europe. The case’s outcome and its potential impact remain undetermined.

Belgium’s Financial Services and Markets Authority (FSMA) has ordered Binance to halt services due to violation of Belgian law by serving local customers from countries outside the EEA. This move seeks to combat money laundering and terrorism financing, with Binance expressing disappointment and ongoing collaboration with regulators.

Belgium’s Financial Services and Markets Authority (FSMA) orders Binance to cease exchange and custody wallet services in Belgium amidst SEC lawsuit. The order aims to comply with European Economic Area regulations and may impact growth and adoption of cryptocurrencies due to stringent regulations.

Belgium’s FSMA has ordered cryptocurrency exchange Binance to cease operations due to suspected AML and CFT law violations. The move sparks debate between proponents of strict regulations, who argue for consumer protection and exchange transparency, and skeptics, who fear decreased innovation and market stifling.

Belgium-based cryptocurrency exchange Bit4You suspended operations after its service provider CoinLoan’s insolvency resulted in a significant loss of funds. However, the Belgian FSMA had notified Bit4You of its intention to refuse registration due to management irregularities. This case highlights the challenges crypto exchanges face under increased regulatory oversight and balancing innovation with compliance.

The UK government plans to stop cold calls selling financial products, including insurance and cryptocurrencies, to tackle £7 billion in annual fraud costs. By collaborating with The Office of Communications (Ofcom), the focus is on countering phone number “spoofing,” while balancing security and fostering innovation within the crypto industry.