Crypto exchange Binance announced in June that it would completely shut down its services to the Dutch. For a while it seemed like users in Belgium were just safe, but shortly after that it left Belgium too. But that was only for a short time, because now it can offer its services to the Belgians again.
Binance allowed to continue in Belgium
that writes Binance in a blog article. The company had to stop offering its services to Belgian residents because it has been offering its services in Belgium to people who are not from the European Union at all. This is illegal. The financial politician has therefore decided to ban Binance from Belgium.
For the Netherlands there was another reason. The crypto exchange did not have a license to offer financial products to customers in the Netherlands. For Belgium, a permit from another European country was sufficient. Binance already had a license for certain other European countries and was therefore also allowed to work in Belgium.
The crypto exchange assures all relevant authorities that the Polish branch is compliant with all regulations. In this way, it is still allowed to offer services to Belgians abroad. In Poland, it is only registered as a Virtual Asset Service Provider (VASP) and is also allowed to act as a custodian for clients.
Binance worldwide in severe weather
The Dutch cannot remain a customer of Belgium through this subsidiary as Binance requires a full license for the Netherlands. Unfortunately, the Netherlands is not the only problem country for Binance.
For example, the exchange has also opted to discontinue its debit card in several countries in South America and the Middle East. Customer interest was too low to continue to be worthwhile for Binance. Binance’s BNB cryptocurrency was also hit hard by the SEC lawsuit.