Amid regulatory concerns in the United States, Belgium has ordered Binance to cease its crypto services in the country. Moreover, the Federal Services and Markets Authority (FSMA) has issued an order to end its digital asset offerings in the country immediately.
The press release notes that Binance offers crypto services, “from countries that are not members of the European Economic Area.” Subsequently, it states that “firms governed by the law of a country that is not a member of the European Economic Area are prohibited from operating or providing” digital asset services.
Binance Ordered to Cease Operations in Belgium
The last few weeks have seemingly been a regulatory nightmare for the largest cryptocurrency exchange on the planet. The firm was charged by the US Securities and Exchange Commission (SEC). Subsequently, reports began to swirl of an investigation by French regulators regarding its operations. Now, it has been ordered to end operations at an additional company.
Specifically, Belgium has ordered Binance to cease its crypto services within the country. Indeed, stating it is required to end the offerings in the realm of virtual currencies, or “custody wallet services.” Essentially, it is ordering its presence in the country to cease.
The press release for the order noted that immediate compliance was expected. Stating that a lack of compliance would subject the company to “criminal sanctions” from the country. Additionally, the report added, “Binance does not dispute that it offers such services in Belgium.”
The report noted that “Despite several requests for information made to Binance,” It would not produce evidence to support its crypto offerings in Belgium. Specifically, evidence that it operates from a country that is in the European Economic Area, “and are authorized, based on their domestic law, to provide such services in Belgium.” Currently, Binance has not commented on the development.