Regulatory heat on Binance continues, Belgian financial regulator orders the exchange to stop offering crypto exchange and custody services.
The Belgian Financial Services and Markets Authority has ordered major cryptocurrency exchange Binance to stop offering crypto exchange and custody wallet services.that by Binance offering crypto-related services “from countries that are not members of the European Economic Area,” the exchange was violating Belgian laws on anti-money laundering and combating the financing of terrorism . The financial regulator said Binance must cease “with immediate effect” all related services in Belgium.
According to the FSMA, Binance controlled an estimated 19 companies outside of the European Economic Area — EU nations as well as Iceland, Liechtenstein and Norway — involved in its operations or technical support that did not appear in the terms and conditions Belgium users read when signing up for services. The regulator said it had made “several requests for information” from Binance, but did not receive satisfactory answers identifying the services its companies provided.
As part of the order, Binance will be required to contact all its Belgium-based clients and return all crypto and private keys the exchange held. The FSMA is just one of several national regulators taking action against Binance, as the United States Securities and Exchange Commission is currentlyThis is a developing story, and further information will be added as it becomes available.
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