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Regulator Stops Binance Operations In Belgium
- By The Financial District
- Jul 7, 2023
- 1 min read
Belgium's FSMA regulator on Friday ordered Binance to cease offering any virtual currency services in the country, adding to pressure on the world's biggest cryptocurrency exchange, Sudip Kar-Gupta reported for Reuters.
Photo Insert: Binance has grown to dominate the crypto industry but also faces scrutiny from regulators keen on stopping money laundering.
Binance, founded by Changpeng Zhao in Shanghai in 2017, has grown to dominate the crypto industry but also faces scrutiny from regulators keen on stopping money laundering.
"Binance is offering and providing 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," FSMA said.
"FSMA has therefore ordered Binance to cease, with immediate effect, offering or providing any and all such services in Belgium."
France is also probing Binance, which has decided to quit the Dutch market because it had been unable to meet registration requirements to operate as a virtual asset service provider.
