According to a recent notification released, Belgium’s top market regulator has ordered the troubled cryptocurrency exchange Binance to stop providing services to local clients immediately.
The Financial Services and Markets Authority (FSMA) claimed that Binance was “offering and providing exchange services in Belgium between virtual currencies and legal currencies, as well as custody wallet services, from countries that are not members of the European Economic Area,” which is against the rules, according to the regulator.
The warning stated, “Therefore, the FSMA has ordered Binance to cease offering or providing any and all such services in Belgium, with immediate effect.”
The U.S. Securities and Exchange Commission has accused Binance of breaking securities laws, and it was just made public that French authorities are also looking into the matter. Binance is currently in the regulatory hot seat. Because of regulatory concerns, the exchange also left markets in the European Economic Area like Cyprus and the Netherlands.
After the publication of this article, a spokeswoman for Binance released the following statement: “We are saddened to learn that the FSMA has made this decision despite our ongoing negotiations. In accordance with our commitments, we are examining the specifics of their notification and will keep cooperating with regulators in Belgium and elsewhere.