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The Financial Services and Markets Authority (FSMA) of Belgium has issued an order to Binance, the world’s largest cryptocurrency exchange, instructing it to discontinue all virtual currency services within the country. The regulatory pressure on Binance continues to mount as authorities seek to tighten control over money laundering activities in the crypto industry.
Binance, established by Changpeng Zhao in Shanghai in 2017, has risen to prominence in the cryptocurrency world. However, it has also faced increased scrutiny from regulators aiming to ensure compliance with anti-money laundering regulations.
The FSMA stated that Binance has been providing exchange and custody wallet services in Belgium for virtual currencies and legal tender originating from non-European Economic Area countries. In response, the FSMA has ordered Binance to immediately cease offering such services within Belgium.
Binance has consistently defended its business practices in the face of regulatory challenges. Just recently, Binance and Binance.US reached an agreement with the U.S. Securities and Exchange Commission (SEC) to keep customer assets within the United States until the resolution of a significant lawsuit filed by the SEC.
In addition to the action taken by Belgium, France is also conducting an investigation into Binance. Moreover, Binance has decided to exit the Dutch market due to the inability to meet registration requirements as a virtual asset service provider.
The regulatory landscape surrounding Binance continues to evolve, and the exchange is facing increasing pressure to adapt and comply with various jurisdictions. The impact of these developments on Binance and the wider cryptocurrency industry remains to be seen, as regulatory actions shape the future of the sector.
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