24-6-2023 (BRUSSELS) Belgian’s top markets regulator, the Financial Services and Markets Authority (FSMA), has ordered Binance, the embattled crypto exchange, to immediately stop serving local customers. The FSMA accuses Binance of violating the law by serving Belgian customers from countries outside the European Economic Area.
According to a notice issued on Friday, the regulator accuses Binance of “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.” The FSMA says this is a violation of a prohibition.
The notice orders Binance to cease offering or providing any such services in Belgium with immediate effect. Binance is currently facing regulatory scrutiny in various jurisdictions over alleged violations of securities laws.
The exchange is currently battling allegations by the U.S. Securities and Exchange Commission (SEC) that it violated securities laws. Recently, French authorities announced an investigation into the company. Binance has also withdrawn from European Economic Area markets such as the Netherlands and Cyprus due to regulatory issues.
In a statement released after the notice was issued, a Binance spokesperson expressed disappointment at the decision of the FSMA, despite ongoing conversations. The spokesperson stated that Binance is reviewing the details of the notice and will continue to work with regulators in Belgium and around the world in compliance with its obligations.
