Binance Ordered by Market Regulator to Stop Offering Crypto Services in Belgium

According to a statement on Friday, Belgium’s top market regulator is ordering the embattled crypto exchange Binance to immediately stop serving local customers.

The Financial Services and Markets Authority (FSMA) said that Binance “offers and provides in Belgium exchange services between virtual currencies and legal currencies and custody wallet services from countries that are not members of the European Economic Area.” which, according to the regulator, constitutes a violation of a ban.

“The FSMA has therefore ordered Binance to cease offering or providing all of these services in Belgium with immediate effect,” reads the notice.

Binance faces regulatory tension as it battles allegations by the US Securities and Exchange Commission that it violated securities laws, and recently revealed that it is under investigation by French authorities. The exchange has also withdrawn from European Economic Area markets such as the Netherlands and Cyprus due to regulatory issues.

In a statement shared after this article was published, a Binance spokesperson said: “We are disappointed to learn that the FSMA has come to this decision despite our ongoing discussions. We are reviewing the details of their notification and will continue to do so.” In line with our commitments, we are working with regulators in Belgium and around the world.”