Binance, one of the world’s leading crypto exchanges, has been given the green light to continue serving its Belgian customers, two months after being ordered to cease operations by the country’s local regulator. In June, Belgium’s Financial Services and Markets Authority (FSMA) told Binance it had to quit the country, as it was not allowed to serve Belgians from outside the European Economic Area (EEA).
In order to bypass the regulator’s efforts, Binance has announced that Belgian customers will be routed via a Polish entity. The company said in a message to clients that customers will be put into withdrawals-only mode if they don’t agree to the terms of use for Binance Poland sp. z o.o., an entity registered within the European Union, and hence in the EEA.
The Markets in Crypto Assets regulation (MiCA) will take effect in 2024, but before then many individual EU members have their own rulebooks for the sector. Binance has already left the Netherlands after regulatory problems, and recently withdrew its application for a license in Germany.
FSMA did not immediately respond to a request for comment.