Binance Forced to Stop Providing Crypto Services in Belgium by Financial Regulator – Flash News

Belgium’s Financial Regulator Halts Binance Services over Law Violation

The FSMA’s Order to Cease Services

The Financial Services and Markets Authority (FSMA), Belgium’s financial regulator, has taken action against cryptocurrency exchange Binance, compelling it to halt its operations in the country. The FSMA alleges that Binance violated the law by serving Belgian customers from countries outside the European Economic Area (EEA).

In a statement released by the FSMA, it was noted that Binance was offering exchange services between virtual currencies and legal currencies, as well as custody wallet services, from non-EEA countries to customers in Belgium. Consequently, the FSMA has issued a strict order for Binance to immediately cease all such services in Belgium.

Prohibition on Exchange Services for Non-EEA Companies

According to the FSMA’s statement, companies located outside the EEA are explicitly prohibited from providing exchange services involving virtual currencies and legal currencies to customers within Belgium. This measure is implemented to safeguard against money laundering and terrorist financing activities.

The FSMA has accused Binance of violating Article 136 of the Belgian Law and has decided to impose sanctions as a preventative measure.

Binance’s Response and Ongoing Collaboration

In response to the FSMA’s decision, a spokesperson from Binance expressed disappointment while affirming their commitment to compliance. The spokesperson stated that despite ongoing conversations, they are disheartened by the FSMA’s order. Binance is currently reviewing the details of the notice and intends to continue working collaboratively with regulators in Belgium and worldwide to fulfill their obligations.

Scrutiny from EU Authorities Continues for Binance

Binance’s Exit from the Dutch Market

Last week, Binance was forced to exit the Dutch market after its failed attempt to obtain a virtual asset service provider (VASP) license from the Dutch regulator. This regulatory hurdle compelled the company to cease its services in the Netherlands.

Examination by the Cyprus Securities and Exchange Commission

Adding to the challenges faced by Binance, the cryptocurrency exchange was subjected to scrutiny by the Cyprus Securities and Exchange Commission (CySEC). In a published statement, CySEC mentioned that Binance is currently under examination regarding its application for deregistration.

Investigated in France for Alleged Illegal Activities

While Binance operates and is registered in several European countries, including France, Italy, Spain, Poland, Sweden, and Lithuania, it is currently under investigation in France. The authorities in France are looking into allegations of Binance providing digital asset services in an “illegal” manner.

Binance Token’s Recent Performance

Recovery in the Past 24 Hours

Over the past 24 hours, the BNB cryptocurrency has shown a modest recovery, reclaiming approximately 0.55% of its value. After reaching a low point of $241.79 on June 23, it rose to $245.16 on the morning of June 24, according to data from CoinMarketCap.

Minor Losses in the Past Week

However, during the previous week, the BNB cryptocurrency experienced minor losses, declining by 0.19% from its peak of $248 on June 18.

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