Binance Reopens Registration and Services for Belgian Crypto Users

After a three-month absence, the world’s largest cryptocurrency exchange Binance has welcomed Belgian citizens back and given them access to its range of goods and services. This action was taken after Binance was banned from all cryptocurrency-related activity by the Belgian Financial Services and Markets Authority.

Recently, the corporation declared on X, its official communication site, “New registrations of Belgian residents are welcome on our platform once again.” The updated Terms of Use must be accepted in order for Belgian users to once again access the different Binance offers.

On June 23, Belgium’s financial watchdog charged Binance with breaking the country’s rules against money laundering and against the funding of terrorism. The accusation included the alleged use of bitcoin services by Binance “from countries that are not members of the European Economic Area.” As a result, the regulatory body compelled the return of any crypto assets and private keys that the exchange was holding on behalf of Belgian clients, as well as the immediate stop of all cryptocurrency-related activity in Belgium.

In response to this problem, Binance rerouted its services through its Polish-registered company, Binance Poland sp. z o.o., for Belgian users. This subsidiary was able to step in and continue serving Belgian consumers since it had already gained registration as a virtual asset service provider in January.

Despite the fact that Binance’s most recent announcement acknowledges the restoration of services for Belgian customers, it is silent about the precise adjustments or steps made to meet Belgium’s legal standards. Cointelegraph has contacted both Binance and Belgium’s FSMA for comments to learn more about this development.

Beyond Belgium, Binance is getting ready to make big changes to its European business. Binance has revealed intentions to delist stablecoins made specifically for the European market by the same deadline as the upcoming Markets in Crypto-Assets (MiCA) regulation, which is scheduled to go into effect in June 2024.

There has been a noticeable outflow of executives from Binance.US in the US across the Atlantic. This has led to industry rumors regarding potential internal problems with the business. Changpeng ‘CZ’ Zhao, the CEO of Binance, has repeatedly denied these reports, reiterating the company’s determination to fulfilling its purpose and its user base throughout the world.