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In a notice released on Friday, Belgium's primary regulatory authority for markets has issued a directive demanding the embattled cryptocurrency exchange Binance to cease its operations for local customers with immediate effect.
The Financial Services and Markets Authority (FSMA) said 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," which the regulator says is in violation of a prohibition.
"The FSMA has therefore ordered Binance to cease, with immediate effect, offering or providing any and all such services in Belgium," the notice said.
Binance finds itself under intense regulatory scrutiny as it confronts allegations from the U.S. SEC regarding its violation of securities laws. Moreover, it has come to light that the exchange is currently being investigated by French authorities. In addition to these challenges, Binance has made the decision to withdraw from markets in the European Economic Area, such as the Netherlands and Cyprus, due to ongoing regulatory concerns.
In a statement shared after the publication of this article, a Binance spokesperson said, "We are disappointed to learn that the FSMA has come to this decision despite our ongoing conversations. We are reviewing the details of their notice and will continue to work collaboratively with regulators in Belgium and around the world in compliance with our obligations."
