- Belgian customers who use Binance.com are engaging in unlawful activity as per FSMA.
- The public announcement of the injunction said that prompt compliance was required.
Binance has been compelled to suspend its cryptocurrency services in Belgium. The FSMA has issued an order for an immediate halt of digital asset offerings in the nation. According to the announcement, Binance’s crypto services are available “from countries that are not members of the European Economic Area.”
The biggest cryptocurrency exchange in the world has apparently been living through a regulatory hurdle over the last several weeks. The SEC (Securities and Exchange Commission) of the United States filed charges against the company. It was then that rumors started flying that French authorities were looking into its practices.
Increased Regulatory Crackdown
Binance has been compelled to suspend its cryptocurrency services in Belgium. The public announcement of the injunction said that prompt compliance was required. There was also a warning that “criminal sanctions” might be imposed on the firm for noncompliance.
According to the report:
“The FSMA has decided to order Binance to cease, with immediate effect, offering or providing any exchange services in Belgium between virtual currencies and legal currencies, as well as custody wallet services.”
The Financial Services and Markets Authority (FSMA) has claimed that Belgian customers who use Binance.com are engaging in unlawful activity, despite the fact that Binance does not provide these services in Belgium.
The government directive came at a time when U.S.-based crypto exchanges were ramping up their global expansion ambitions, especially in Europe and Asia.
According to a court document that was made public on Thursday, Binance has retained the services of a well-known former prosecutor who once worked for the Department of Justice to defend it in the complaint that the Securities and Exchange Commission (SEC) has filed against it.
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