Despite the legal setback, Binance, the world’s largest crypto exchange by daily trading volume, has restored operation in Belgium. Months after the Belgian regulators ordered the suspension of Binance operation, the controversial crypto exchange has officially confirmed plans to reestablish its presence in Belgium.
The Binance team announced that Belgium users will soon be allowed to register and access a wide range of crypto products the exchange offers.
Binance Returns to Belgium
In an X post (formerly Twitter), the Binance team confirmed that new users interested in exploring premium products can now register on the platform. In June, the Belgian regulators claimed that Binance violated the anti-money laundering (AML) and financial terrorism law. The violation of the Belgian laws obliged the regulators to order the suspension of Binance’s operation with “immediate effect.”
The regulatory action on Binance compelled the embattled crypto exchange to divert its Belgium users to its Polish subsidiary, which meets the regulatory requirements. In the latter, the Belgium Financial Services and Markets Authority (FSMA) instructed Binance to meet the compliance requirement to establish a major comeback into the market.
In response to the FSMA regulatory action, the Binance team introduced new terms of use to the Belgian users. The trouble crypto exchange underlined that the customer must meet the Terms of Use requirements to access certain products.
The new requirement aims at upholding compliance with Belgian laws. Even though Binance failed to provide further details concerning its compliance with the Belgian regulation, the crypto exchange has made strides toward becoming a compliant firm.
Binance Seeks to Comply with Regulations
Last month, the Binance team secured the minimum viable product (MVP) license with regulators in Dubai. The approval of the Binance license in Dubai allows the crypto exchange to offer groundbreaking crypto products and services to institutional and retail clients.
Obtaining the MVP license positions Binance as the first crypto exchange to meet compliance requirements in Dubai. At that time, Binance also secured a Bitcoin service provider license from the Reserve Bank of El Salvador.
In an August 8 report, the Binance team was pleased to announce that the greenlighting of the El Salvador license allows the exchange to tailor their products to meet the needs of Latin Americans. Remarkably, the approval of the Binance license in Dubai and El Salvador demonstrated the commitment of the exchange to meet international regulatory requirements on crypto assets.
In a recent public engagement with the European Banking Authority (EBA), an official from Binance confirmed that the exchange will stop supporting stablecoin from June next year. The official stated the delisting of the stablecoin on the Binance trading platform aims at meeting the regulatory requirement of the market for crypto assets (MiCA) regulations.
Despite the efforts made by Binance to establish a comprehensive compliance program, the crypto exchange has been hit by a significant exodus of top officials in the past few weeks. On September 13, the chief executive of Binance.US, Brian Shroder, revealed plans to step down from office. Shorder departure coincides with dismissal of around one-third of Binance staff.
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