• The Belgian Financial Services and Markets Authority (FSMA) has issued an order for Binance to immediately halt digital asset offerings in the nation.
• Binance has been accused of offering cryptocurrency services from countries outside the European Economic Area, which is illegal in Belgium.
• Binance has retained a former prosecutor from the Department of Justice to defend against SEC charges.
Belgian Authorities Demand Binance To Cease Operations Immediately
The Financial Services and Markets Authority (FSMA) of Belgium has issued a public announcement requiring prompt compliance with their injunction, instructing Binance to stop its exchange services and custody wallet services regarding virtual currencies and legal currencies in Belgium. Any non-compliance may incur criminal sanctions against the company.
Increased Regulatory Crackdown
The increased regulatory action is likely due to reports that U.S.-based crypto exchanges are attempting global expansion into Europe and Asia, as well as recent charges filed by the U.S. Securities Exchange Commission (SEC). In light of this, Binance has retained a former prosecutor from the Department of Justice to defend itself against these charges.
Warning for Belgian Customers
Belgian customers who use Binance are engaging in unlawful activity according to FSMA regulations, even though they do not provide services within Belgium’s borders. It is important for all consumers using digital assets to be aware of local laws before investing or trading in cryptocurrencies or other digital assets so as not to fall afoul of any legal requirements or prohibitions.
Highlighted Crypto News Today: Coinbase Scores Legal Victory
Coinbase scored a legal victory recently when the Supreme Court ruled in its favor about its case involving customers’ data privacy rights related to IRS summonses. This ruling highlights how important it is for companies dealing with digital assets such as cryptocurrencies must remain compliant with all applicable regulations so they can continue providing their services without issue or interruption from regulators or authorities.
Binance has been forced by Belgian authorities to suspend its cryptocurrency services due to alleged violations of local regulations, but remains confident that it will be able to continue providing its users with access to digital asset trading despite ongoing regulatory scrutiny globally and locally across different jurisdictions. Coinbase’s recent legal victory shows that companies dealing with digital assets should remain compliant with all applicable regulations so they can stay operational without interruption from regulators or authorities worldwide