Binance Continues Operations in Belgium: What You Need to Know

Binance stops in these countries

In recent news, Binance announced its decision to terminate its services in the Netherlands due to non-compliance with the country’s anti-money laundering regulations. This follows a previous incident where Binance was fined for not registering in the Netherlands despite having Dutch customers. To legally sell cryptocurrencies to Dutch traders, Binance was required to obtain Virtual Asset Service Provider (VASP) status.

Apart from the Netherlands, Binance has also halted its operations in Cyprus and Canada. The common factor in these cases is strict regulation and the necessity for crypto exchanges to register with the national regulatory authorities. Given its global presence, abiding by such requirements can be a costly and time-consuming affair for Binance.

While this may raise concerns among Belgian crypto traders, as of now, Binance intends to continue operating in Belgium. There has been no indication or announcement regarding the cessation of Binance’s services in Belgium, where it has been present since its inception.

Will Binance also have problems in Belgium?

Binance is not currently registered as a crypto service provider in Belgium. However, this is not a cause for worry, as a representative from Binance reassured Crypto Insiders that if a crypto exchange is registered with another regulatory authority in Europe, it can provide services to customers in Belgium.

Binance is already registered as a VASP in six other EU countries, which satisfies the requirements for operating in Belgium. The situation differs from the Netherlands, where the Dutch Central Bank insists on additional registration.

In the past, Binance engaged in discussions with the Financial Services and Markets Authority (FSMA) in Belgium regarding the necessity of having an office in the country to offer services to Belgian users. However, it was determined that such an office was not required.

Therefore, Belgian users of Binance can rest assured that there are currently no indications or signals of Binance leaving the market or being forced to exit Belgium.

Gift from Bitvavo when transferring

Meanwhile, Bitvavo, a Dutch cryptocurrency exchange, is unaffected by Binance’s issues. In fact, Bitvavo has even recommended Binance customers to consider switching to their platform. Among its competitors, Bitvavo claims to possess all the necessary registrations and offers the lowest trading costs in the entire Benelux region.

To incentivize readers of Crypto Insiders, Bitvavo is offering a special promotion: €20 free when you register on their platform. This offer is available for both Dutch and Belgian users.

Update, June 20, 22:00 – Further inquiries have revealed that Binance currently faces no regulatory problems in Belgium. This article has been updated to include this information.