Binance, one of the world’s largest cryptocurrency exchanges, has reopened its registrations and restored its services in the country after months of uncertainty. The move comes as a relief to both traders and investors who had been eagerly waiting for the platform to resume operations in Belgium. Binance reopens registration in Belgium after facing a temporary halt due to regulatory actions. In June, the exchange was directed to suspend its cryptocurrency exchange and custody services within the European Union nation.
Binance Makes a Comeback in Belgium After a 3-Month Hiatus Amid Regulatory Challenges
Binance, the global leader in cryptocurrency exchange with the highest daily trading volume, has relaunched its services in Belgium after facing regulatory challenges in recent months. The exchange has come under increased scrutiny from regulatory authorities in Europe and the United States this year.
This encouraging development follows the events of late June when the Financial Services and Markets Authority (FSMA) in Belgium issued a directive to the prominent cryptocurrency exchange, instructing it to “immediately halt all offerings of virtual currency services within Belgium.”The regulatory authority had alleged that Binance was engaged in “offering exchange services for virtual currencies and fiat currencies within Belgium, as well as providing custody wallet services, using jurisdictions that are not part of the European Economic Area (EEA).”
Regulatory Challenges and Compliance Efforts
The FSMA also cautioned the cryptocurrency giant, indicating that failure to adhere to the prohibition could result in legal action under Belgian laws concerning the prevention of money laundering and terrorist financing, as well as violations of the country’s criminal code. Furthermore, the financial authority recognized that cryptocurrency activities largely existed in a regulatory gray area beyond the purview of these relevant laws until the European Union’s forthcoming Markets in Crypto Assets (MiCA) legislation took effect in January 2025.
In its quest for a solution, Binance revealed at the end of August that it had identified a means to continue offering services to Belgian residents, leveraging its Polish subsidiary. At that time, the exchange asserted that Binance Poland was capable of serving Belgian customers in compliance with local regulatory requirements, as it holds the status of a registered virtual assets service provider (VASP) within an EU member state.
Binance has been facing mounting pressure from financial regulators across the globe, including legal actions initiated by U.S. securities and commodities commissions. In Europe, the exchange has either withdrawn its license applications or canceled its registrations in various countries, including the Netherlands, Germany, Cyprus, and the United Kingdom.
Binance reopens registration in Belgium after a three-month hiatus, marking a significant moment in the evolving landscape of cryptocurrency regulation. The reopening of registrations and service restoration underscores the exchange’s commitment to addressing regulatory concerns while prioritizing user interests and security.
Belgian cryptocurrency enthusiasts can once again access Binance’s robust platform, benefiting from improved security measures and educational initiatives. This development also sets a positive example for the industry, highlighting the importance of cooperation between exchanges and regulatory authorities as they seek common ground in shaping the future of cryptocurrency in Belgium.
While Binance has faced increased regulatory scrutiny worldwide, its proactive approach to compliance sends a strong message that the cryptocurrency industry can thrive within a regulated and secure environment. As the industry continues to mature, it is crucial for all stakeholders to work together, fostering responsible innovation and investor protection in this dynamic and rapidly evolving space.