Binance under pressure : Belgium orders shutdown of its services
Defi and Exchanges

Binance under pressure : Belgium orders shutdown of its services

In a blow to Binance, Belgium’s Financial Services and Markets Authority has issued a categorical order: the crypto giant must immediately cease all virtual currency-related activities in the country.

The Belgian regulator, known as FSMA, issued an unequivocal statement on its website, pointing out that Binance was offering crypto services in Belgium “from countries that are not members of the European Economic Area”.

Binance must take immediate action?

The FSMA has ordered Binance to immediately cease all offers and services in Belgium, on pain of criminal sanctions.

In addition to the order to immediately stop its exchange and wallet activities in Belgium, Binance must take immediate steps to return its Belgian customers’ cryptocurrencies or transfer them to regulated entities in an EEA member state.

FSMA pointed out that Binance had failed to demonstrate that the entities offering crypto services in Belgium were “effectively based in the European Economic Area and authorized“.

The Brussels Public Prosecutor has been informed of the facts, which could constitute a criminal offence, concludes the FSMA press release.

Binance thus finds itself facing tougher regulation in the crypto sector in Europe and around the world.

Last week, the CZ-led platform announced its withdrawal from the Dutch market for regulatory reasons. It had also recently requested the deregistration of its Cyprus-based subsidiary.

Across the Atlantic, the US SEC brought 13 charges against Binance and its founder-CEO in early June.

Article written by:

Laeti Marison, also known as SatoshiBelle, is a multifaceted professional with a passion for community management, content creation, and digital marketing. With a diverse background in various roles, Laeti has consistently demonstrated her expertise and dedication in the field. Recognizing her potential, Laeti then took on the responsibilities of a Project and Community Manager at Magna Numeris and Cartam from November 2018 to March 2021. In this role, she showcased her ability to successfully lead projects and foster strong relationships within the community. Currently, Laeti serves as an SEO content writer, Digital Marketing Manager, and co-founder at magazine, starting from February 2022 till now. Through her expertise in digital marketing and her passion for the crypto industry, she has contributed to the success of the magazine, ensuring its content remains relevant, engaging, and informative.

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