Binance Expands Services to Belgium Following Regulatory Order
Summary:
Binance's Poland entity, Binance Poland sp. z o.o., will now offer services to residents of Belgium following an order from the Belgian Financial Services and Markets Authority. This decision comes after Binance faced regulatory challenges and halted services for Dutch users. The European Union is implementing legislation to establish a consistent regulatory framework for crypto assets.
Cryptocurrency exchange Binance has announced that its Poland entity, Binance Poland sp. z o.o., will now offer services to residents of Belgium following an order from the Belgian Financial Services and Markets Authority. Binance Poland will comply with regulatory obligations and users may be required to submit documentation in alignment with Know Your Customer requirements for Poland. This decision comes after Belgium's financial regulator previously ordered Binance to halt its crypto exchange and custody wallet services due to violations of Anti-Money Laundering and Combating the Financing of Terrorism requirements. Binance has faced regulatory challenges in various countries and recently stopped its services for Dutch users due to a licensing issue. Additionally, Binance and its CEO are currently facing a lawsuit from the United States Securities and Exchange Commission. The European Union is also in the process of implementing the Markets in Crypto Assets legislation to establish a consistent regulatory framework for crypto assets among member states.
Published At
8/28/2023 4:23:02 PM
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