Cryptocurrency exchange Binance is banned from Belgium

Cryptocurrency exchange Binance is banned from Belgium


Photo: ANP

Crypto exchange Binance is no longer allowed to offer crypto-related services in Belgium. Belgian financial regulator FMSA identified this as Binance was operating in Belgium without a license. Binance Belgian customers must take back their cryptocurrencies or Binance must help them convert those coins to a fiat platform.

Binance is also no longer active in the Netherlands. Here the cryptocurrency company, one of the largest in the world, came to the conclusion of leaving. The supervisor, De Nederlandsche Bank (DNB), has not granted a license to Binance. Last year, the company was also fined more than 3.3 million euros for offering its services without registering with the DNB.

At the beginning of this month, the Securities and Exchange Commission (SEC) filed a lawsuit against Binance in the United States. Founder Changpeng Zhao also got the supervisor behind it. Binance.US, the US subsidiary of Binance, will not be completely separate from its parent company. The SEC is also concerned about flawed procedures to protect clients’ assets.

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