In recent weeks, Binance has suffered regulatory pangs all over the world. The company has notably suffered a suspension in Nigeria while it is targeted by investigations in Brazil and France. Not to mention the cancellation of its compliance procedure in the United Kingdom.
Binance suspended in Belgium for violating financial rules
The regulatory noose is tightening around Binance’s crypto activities. While it is suspected of carrying out occult pyramid activities in Brazil, the exchange is prohibited from operating in Belgium.
It is the Belgian Financial Services and Markets Authority (FSMA) who leaked the information Friday, June 23. In a statement, the regulator explained the reasons behind Binance’s suspension in the country.
Concretely, the Belgian authorities suspect the company of violating the rules concerning money laundering and the financing of terrorism. The FSMA indicates that it has made representations to Binance in order to clarify the situation. But the answers provided by the company to the authorities would have been unconvincing.
It is therefore following this unsatisfactory approach that the Belgian regulator ordered the cessation of Binance’s crypto activities. This, with immediate effect. “The FSMA has therefore ordered Binance to cease, with immediate effect, offering or providing all or part of these services in Belgium”can we read in the press release of the FSMA.
In the wake of this decision, Binance reacted to the decision of the FSMA. “We are disappointed to learn that the FSMA has taken this decision despite our ongoing conversations. We are reviewing the details of their advice and will continue to work with regulators in Belgium and around the world in accordance with our obligations.”said a company representative.
The suspension of Binance’s activities in Belgium is certainly no coincidence. It is probably one of the many consequences of the lawsuits launched against the platform in the United States.
Accelerating regulatory woes involving the platform have the crypto community worried. Binance’s wave of trading suspensions may not be over yet.
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