Belgium Orders Binance To Shut Down Crypto Services In Country

June 23, 2023 11:23 pm Comments

It looks like the regulatory attacks on Binance are continuing as Belgium has now also ordered Binance to shut down all crypto services within the country.

This announcement comes after the regulatory concerns that Binance is having within the United States which indicates that some regions in the world are following the steps of the SEC.

The exchange is also under investigation in France which makes this the second country within the EU to take regulatory action against Binance.

Whether or not this will affect the success of the world’s largest crypto exchange is still unknown, but it is certain that it may affect the overall crypto market.

However, it seems that the market is still trending positively despite the negative news which indicates that demand for crypto is still increasing at the same time. reports:

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.

It is quite interesting that Binance has received the order to cease all crypto services in the country given that the exchange has already been operating for quite some time.

Due to this new order from Belgium, Binance will be forced to contact all of its crypto clients within the country and return all digital assets.

So far, there has been no issue for Binance to return the digital assets, but investors and traders within the country have certainly been disappointed to lose the services of one of the major crypto exchanges.

Whether or not there are any plans to allow Binance to operate again within the country is still unknown, but it seems that there is an anti-crypto wave that is happening right now in response to the impressive growth of crypto in the past few years.

CoinTelegraph reports:

As part of the order, Binance will be required to contact all its Belgium-based clients and return all crypto and private keys the exchange held.

A Binance spokesperson told Cointelegraph the company was “disappointed” with the FSMA’s decision and it planned to review the regulator’s notice.

The FSMA is just one of several national regulators taking action against Binance, as the United States Securities and Exchange Commission is currently pursuing a lawsuit against the exchange and its U.S. entity for alleged violations of securities laws. Christophe De Beukelaer, a member of the Belgian parliament, announced in January 2022 that he planned to receive his government salary in Bitcoin for a year.

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