Binance is under more pressure after receiving a directive from Belgium’s FSMA regulator on Friday to stop providing any virtual currency services there.
Changpeng Zhao started Binance in Shanghai in 2017, and it has since come to dominate the cryptocurrency market. However, regulators looking to crack down on money-laundering are keeping a close eye on Binance.
Binance in Belgium Must End
It has consistently defended its internal controls. FSMA claims In Belgium, excluding the European Economic Area, Binance provides custody wallet and exchange services between virtual currencies and conventional currencies.
It will therefore be necessary for Binance to cease offering, providing, or marketing any and all such services, with immediate effect, pursuant to an order of the FSMA.
- Belgium’s FSMA directive forces Binance to stop virtual currency services.
- FSMA orders Binance to cease offering services in Belgium.
- Binance, SEC agree to maintain US customer assets.
In order to guarantee that U.S. customer assets stay in the country up to the conclusion of a broad lawsuit the SEC filed this month, Binance and Binance.US and the U.S. Securities and Exchange Commission reached an agreement earlier this month.
France is also looking into Binance, which has chosen to leave the Dutch market after failing to register to work as a provider of virtual asset services.
