Belgium Ordered Binance to Stop All Financial Services in the Country

Belgium’s financial regulator, FSMA, has told Binance, the largest cryptocurrency exchange, to stop providing any virtual currency services in the country. This adds to the growing pressure on Binance.

Binance, founded by Changpeng Zhao in 2017, has become a major player in the cryptocurrency industry. However, it has also attracted attention from regulators who are concerned about potential money-laundering activities.

However, Binance is consistent in defending its business, claiming it always does business in compliance with regulations.

“Binance is offering and providing exchange services in Belgium between virtual currencies and legal currencies, as well as custody wallet services, from countries that are not members of the European Economic Area,” the FSMA said.

In a statement, it added, “The FSMA has therefore ordered Binance to cease, with immediate effect, offering or providing any and all such services in Belgium.”

Binance and Binance.US made a deal with the U.S. Securities and Exchange Commission (SEC) to keep their American customers’ assets in the United States. This agreement is in place until a major lawsuit filed by the SEC is resolved.

France and the Netherlands are both investigating Binance. Binance has decided to leave the Dutch market because it couldn’t meet the necessary registration requirements to operate as a virtual asset service provider.