The financial services regulator in Belgium has ordered Binance to cease all its virtual currency offerings in the country. A June 23 press release by the Financial Services and Market Authority, (FSMA), said that it has observed that Binance is offering exchange services in the country. The regulator is concerned that the service is also offering fiat-to-digital currency exchange for currencies of countries that are not members of the European Economic Area.
The statement that:
“Persons or firms governed by the law of a country that is not a member of the European Economic Area are prohibited from offering or providing, within Belgium, by way of a professional activity—even if supplementary or ancillary—exchange services between virtual currencies and legal currencies or custody wallet services.”
It stated that failure to comply with this directive would compel the authority to charge such individuals under Belgian law against money laundering and terrorism financing. Binance has been in the eyes of the storm as several countries moved against its services. This is especially so since the US Securities and Exchange Commission declared that the US subsidiary of the company, Binance US mixes its funds with those of Binance Global, subtly inferring money laundering of sorts.