2023-08-27 21:18:53
The news fell over the weekend: the cryptocurrency exchange platform is suspending its activities in Belgium, thus complying with the verdict issued by the Belgian regulator.
A page is turning in the history of Web3 in Belgium, with the suspension of Binance’s activities in Belgium. The largest cryptocurrency exchange platform suspends its activities on Belgian territory, thus complying with the verdict issued by the Belgian regulator.
Last June, the financial sector regulator, the FSMA, had ordered the platform to cease its activities, justifying its decision by the fact that the platform was carrying out its activities from a country located outside the European Union. .
“Binance has failed to establish, in a documented and convincing manner, that the exchange services between virtual currencies and legal currencies and custody wallets, offered and provided on Belgian territory, are through an intermediary entity legal under the law of another Member State of the European Economic Area”said the FSMA at the time.
Binance did not immediately side with the decision of the Belgian financial sector regulator, presumably seeking a compromise. Bad news for users: the company has obviously not reached an agreement with the FSMA since it has just sent an email to all of its Belgian customers announcing the suspension of its activities. That being said, Binance is not completely closing its doors in Belgium.
Concretely, it is especially new users who will be completely blocked since the deposit of euros and dollars is now blocked in Belgium, the purchase and sale by bank card also. All trading operations with currencies such as the euro or the dollar are also blocked. Users can, however, always convert their cryptocurrencies into other cryptocurrencies. Euro withdrawals also remain authorized.
“We understand that these changes may impact your experience on our platform and we are committed to keeping you informed of future updates. Our team is actively working on problem solving and regulatory compliance to continue to best serve Belgian users” explains the company in a press release.
For the time being, there is therefore no question of folding up shop and closing the accounts of all users. It is also very likely that Binance will be able to re-enter the Belgian market within a few months if it complies with the expectations of the regulator, and in particular with the integration of the new MiCA legislation.
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