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In a statement, the regulator stressed that companies that are not members of the European Economic Area (EEA) cannot offer virtual and fiat currency exchange or custodial wallet services in Belgium. The department threatened criminal prosecution for failure to comply.
“FSMA found that Binance offers such services, while being located in countries that are not members of the EEA. Therefore, the Authority orders the immediate cessation of such services in Belgium,” FSMA said in a statement.
According to the regulator, there are now 27 companies operating in Belgium that provide operational or technical aspects of such services, 19 of which are based outside the EEA.
“We are disappointed by this decision on the part of FSMA, despite ongoing negotiations. We will evaluate the details of the order and will continue to work with regulators in Belgium and around the world,” a Binance official said.
Earlier it was reported that the French financial regulator began an investigation into the activities of the exchange Binance.
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