While the world’s largest crypto exchange Binance focused on the lawsuit filed by the SEC, Binance received worse news from one country.
Most recently, the Belgian financial regulator, the Financial Services and Markets Authority (FSMA), has ordered Binance to cease certain operations today.
The FSMA said Binance was accused of serving Belgian customers from countries outside the European Economic Area in violation of the applicable law.
Officials added that the stop order is related to restrictions on European Economic Area regulations.
The FSMA made the following statements in its statement:
“The FSMA noted that Binance offers clearing services and custody wallet services between virtual and fiat currencies in Belgium from non-EEA countries and violates the law.
Therefore, the FSMA has ordered Binance to immediately cease offering or providing such services in Belgium.”
Persons or firms subject to the laws of a country that is not a member of the European Economic Area are prohibited from offering or providing currency or custody wallet services, clearing services within Belgium through a professional activity between virtual currencies and fiat currencies.
Failure to comply with this prohibition is subject to criminal sanctions pursuant to Article 136 of the Belgian Law on the prevention of money laundering and terrorist financing.
Binance announced that it was withdrawing from the Netherlands and Cyprus due to regulatory issues after the lawsuit filed by the SEC.
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