The World’s Largest Crypto Exchange Binance Faces Additional Closure in Belgium
Introduction
The Belgian Financial Services and Markets Authority (FSMA) announced that Binance, the world’s largest cryptocurrency exchange, is required to cease its services in Belgium. This comes after the exchange’s withdrawal from the Netherlands. The FSMA declares that Binance is offering and providing exchange services between virtual currencies and fiat currencies to Belgians from non-European Union (EU) countries, as well as providing crypto custody services from these non-EU jurisdictions.
Reasons behind Binance’s Closure
Binance had previously allowed its services to be accessed by individuals in Belgium, following their registration in other European countries. However, the FSMA emphasizes that Binance fails to provide sufficient evidence that its entities are located within the European Economic Area (EEA). As a result, the FSMA states that it is illegal for Binance to offer or perform services for exchanging virtual currencies and fiat currencies, as well as providing custodial wallets on Belgian territory for individuals subject to the laws of non-EEA countries.
Alternative Options for Belgians
Given the closure of Binance in Belgium, individuals will need to seek alternative platforms offering similar services but with entities based in the EEA. Notable alternatives include Bitvavo, Anycoin Direct, and Coinmerce, which have established entities within the EEA. Bitvavo, situated in Amsterdam, Anycoin Direct in Veghel, and Coinmerce in Schiphol-Rijk, provide guarantees of compliance with local regulations, including proper registration with the Dutch Central Bank (DNB).
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Bitvavo
Bitvavo, headquartered in Amsterdam, is a reliable platform that allows users to exchange both virtual currencies and fiat currencies. It offers a user-friendly interface and ensures compliance with the necessary regulations. Bitvavo also provides custodial wallets, ensuring the security of users’ digital assets.
Anycoin Direct
Based in Veghel, Anycoin Direct is another popular choice for Belgians seeking cryptocurrency exchange services. The platform offers a wide range of virtual currencies and allows individuals to effortlessly convert them into fiat currencies. Anycoin Direct places a strong emphasis on security and regulatory compliance, making it a trustworthy option for users.
Coinmerce
Coinmerce, located in Schiphol-Rijk, provides an accessible and secure platform for exchanging virtual currencies and fiat currencies. The platform offers a diverse selection of cryptocurrencies, ensuring that users have various options. Coinmerce prioritizes regulatory compliance, providing users with peace of mind when trading digital assets.
Conclusion
The closure of Binance in Belgium highlights the importance of adhering to local regulations and having entities located within the EEA. Bitvavo, Anycoin Direct, and Coinmerce present viable alternatives for Belgian users, offering secure and compliant platforms for exchanging virtual and fiat currencies. Individuals should consider these alternatives to continue their cryptocurrency activities while ensuring regulatory compliance in their home country.