Binance, the exchange with the highest transaction volume in the crypto markets, had to exit several countries after the legal problems it experienced in Europe throughout the year. According to the latest development, Binance has taken an important step to overcome these problems.
Binance was ordered to discontinue its services in Belgium earlier this summer. It was reported that Binance has restarted its operations in Belgium after a 3-month service suspension period. In June, the Belgian Financial Services and Markets Authority ordered Binance to suspend its services, accusing it of violating the country’s Anti-Money Laundering and Counter-Terrorist Financing laws for providing services via crypto in countries that are not included in the European Economic Area.
Following this decision, Binance was forced to shift its service for Belgian citizens to its subsidiary in Poland, the closest jurisdiction. However, although Binance announced that it was relaunched in Belgium, it did not provide information about what actions were taken to continue service on the platform. However, there is a revised detailed terms and conditions description for Belgian users who want to use the service again and open a new account.
Apart from this positive development, Binance continues to struggle with various regulatory issues around the world, the most serious of which is in the United States. In recent developments, after the US SEC’s first hearing regarding Binance took place, Binance submitted a detailed petition to dismiss the case. The SEC filed a lawsuit against the crypto exchange and its CEO Changpeng Zhao in June, alleging 13 accusations.