Binance Belgium Ordered To Stop Services Immediately

Crypto Market News: Amid top crypto exchange Binance’s lawsuit against the US Securities and Exchanges Commission (SEC), Belgium’s financial regulator on Friday order the exchange to cease certain operations. The country’s Financial Services and Markets Authority (FSMA) to immediately cease exchange services and custody wallet services in Belgium between virtual currencies and legal currencies. The order pertains to restrictions around European Economic Area regulations, the authorities said. Binance does not offer such services in Belgium, but it is the Belgian clients of Binance.com that are in violation, the FSMA said.

Also Read: US SEC Gives Nod To First Ever Leveraged Bitcoin ETF

The order from the authorities came at a time when US based exchanges like Coinbase and Gemini are increasingly making efforts to expand to other countries, especially in Europe and Asia. However, regulatory concerns in the United States are likely to remain at least until the U.S. Presidential Election 2024.

Orders To Binance Belgium

According to a statement by the FSMA, the violation occurs from services provided in Belgium from countries that are not members of the European Economic Area. The statement said,

“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.”

Sometimes applications are basically approved “absent an objection” by the staff at SEC.

I wouldn’t assume this was an affirmative decision by the SEC staff and leadership here. https://t.co/tFgw5aJvmO

— Justin Slaughter (@JBSDC) June 23, 2023

Meanwhile, Justin Slaughter, policy director at Paradigm, warned about the full decision on approval by the SEC:

Also Read: Coinbase Wins In US Supreme Court Consumer Lawsuit Ruling

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Anvesh Reddy

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

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