Binance Belgium is Back After Beating Ban

By Mark Hunter

2 weeks agoTue Sep 26 2023 09:47:02

Binance-Belgium-is-Back-After-Beating-Ban

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  • Binance has officially reopened its services for Belgian users after a three-month hiatus imposed by Belgium’s financial regulator
  • Binance had to cease operations in Belgium and temporarily route its services through Binance Poland
  • Binance users in Belgium are now required to accept new terms of service to access the platform again

Crypto exchange Binance has officially reopened its doors to users in Belgium, three months after it was forced to cease cryptocurrency-related services by Belgium’s financial regulatory authority. The announcement, made on September 25 through Binance’s official communication channel, means that Binance Belgium users will no longer have to go through the company’s Polish entity in order to utilize its services.

Cease and Desist Order Came in June

Binance was issued with a cease-and-desist order by Belgium’s Financial Services and Markets Authority (FSMA) in June, which alleged that the platform was offering exchange services in Belgium between virtual currencies and legal currencies, as well as custody wallet services, from countries that are not members of the European Economic Area, in contravention of its rules.

As part of the regulatory order, Binance was not only required to halt all services but also had to reach out to its Belgian clients to facilitate the return of all cryptocurrency holdings and private keys that the exchange had custody of. Binance implemented a workaround by directing its services for Belgian users through Binance Polandwhich registered as a virtual asset service provider in January.

New Terms of Service

Binance hasn’t revealed what steps it has taken in order to appease the FSMA, but it has asked all users to sign up to new terms of service before they can use the platform again:

Dear Binancians 🇧🇪

We are delighted to announce that as of today, new registrations of Belgian residents are welcome on our platform once again.

In addition, various Binance products and services are accessible again to Belgian users who have accepted our new Terms of Use.

— Binance Belgium (@binanceflemish) September 25, 2023

Hopefully there won’t be a sting in the tail and Belgian users can enjoy the same services they did before the ban.

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