Binance Belgium Reopens After 3 Month Regulatory Pause

Crypto exchange Binance announced the reopening of its platform for Belgium based users after previously facing hurdles around European Economic Area regulations. With this, the Belgian users will be able to access Binance products and services locally, the exchange said in an announcement on September 25, 2023.

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Binance Registrations Open In Belgium

In a statement, the platform said it was reopening new registrations for Belgian users, after a gap of over three months. This also means that the Binance products and services are accessible again, subject to conditions.

“We are delighted to announce that as of today, new registrations of Belgian residents are welcome on our platform once again.”

Meanwhile, the crypto platforms offering services to European users would have to abide by the European Union’s Markets in Crypto Assets (MiCA) rules, which are set to take effect from 30 December 2024. Binance CEO Changpeng Zhao ‘CZ’ recently claimed, however, that his platform was following the region’s compliance scene while also planning to launch new stablecoins.

European Economic Area Regulations

On June 23, 2023, CoinGape reported that Belgium’s Financial Services and Markets Authority (FSMA) had ordered the platform to put a brake on operations with immediate effect. The order warranted immediate suspension of exchange services and custody wallet services between virtual currencies and legal currencies in the country’s jurisdiction.

Although the regulator had at the time clarified that the crypto exchange does not offer those services in the country, users were still able to access it on Binance.com. And hence, the services were were in violation of the European Economic Area regulations.

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Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1,200 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or twitter.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

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