Crypto exchange Binance ordered to cease services in Belgium

San Francisco, June 25 (IANS) Leading blockchain and cryptocurrency platform Binance has been ordered by Belgium’s Financial Services and Markets Authority (FSMA) to cease immediately all offers of virtual currency services in the country.

The FSMA has noted that "Binance is 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".

The FSMA has therefore ordered Binance to cease, with immediate effect, offering or providing any and all such services in Belgium.

"By way of its decision dated 23 June 2023, the FSMA has therefore decided to order Binance to cease, with immediate effect, offering or providing any exchange services in Belgium between virtual currencies and legal currencies, as well as custody wallet services," the regulator said.

"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," it added.

The FSMA also stated that it has "demanded that Binance take immediate measures" to return to Belgian clients "all cryptographic keys and/or all virtual currencies that Binance holds for their account, or to transfer these to entities governed by the law of an EEA member state and duly authorised by their domestic law to carry out such activities".

In May, Binance announced its exit from the Canadian marketplace due to new stablecoin and investor limits in the country.

"We are announcing that Binance will be joining other prominent crypto businesses in proactively withdrawing from the Canadian marketplace," the company said in a tweet.

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