The latest action by the FSMA adds to the mounting pressure on Binance, one of the world’s largest cryptocurrency exchanges.
Responding to the FSMA’s notice, a Binance spokesperson expressed disappointment and stated, “We are reviewing the details of their notice and will continue to work collaboratively with regulators in Belgium and around the world in compliance with our obligations.” Binance has already withdrawn from markets within the European Economic Area, including the Netherlands and Cyprus, due to regulatory concerns. Securities and Exchange Commission (SEC) of violating securities laws.Īdditionally, French authorities have recently launched an investigation into the exchange’s activities. The FSMA’s notice states, “The FSMA has therefore ordered Binance to cease, with immediate effect, offering or providing any and all such services in Belgium.” Binance, which has been facing legal and regulatory challenges worldwide, finds itself in further hot water as it confronts allegations from the U.S. The FSMA accuses Binance of offering exchange services and custody wallet services in Belgium involving virtual currencies and legal currencies from non-European Economic Area countries, a violation of existing regulations. Belgium’s top financial regulator, the Financial Services and Markets Authority (FSMA), has issued a notice demanding that cryptocurrency exchange Binance immediately halt its services for local customers.
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