Binance's Belgian clientele can continue using the popular cryptocurrency exchange, despite being previously instructed to halt operations in the country by local regulators.
The Financial Services and Markets Authority (FSMA) of Belgium issued a directive in June, instructing Binance, a globally prominent crypto exchange, to terminate its services for Belgian users due to its inability to cater to individuals from outside the European Economic Area (EEA).
A recent announcement by Binance however reveals that Belgian customers will now be redirected through a Polish entity, allowing them to sidestep the regulatory push to expel the crypto platform from Belgium.
To maintain their access, Belgian users must agree to Binance Poland sp. z o.o.'s terms of use, a registered entity within the European Union (EU) and therefore part of the EEA.
Binance conveyed this information to its customers, although it later removed the specific mention of "withdrawals-only" mode from the message posted on its website.
The implementation of the Markets in Crypto Assets regulation (MiCA), a unified set of rules across the EU for the crypto sector, is slated for 2024.
In the interim, various EU member states have their distinct regulatory frameworks.
Having already encountered regulatory challenges in the Netherlands, Binance exited the market there and also retracted its license application in Germany.
In response to Binance's operational shift, the FSMA issued a statement asserting that operating through a Polish entity is permissible, highlighting, however, the limited jurisdiction of Polish regulators over the company.
The regulator emphasised that Binance must make provisions for customers who opt not to transition to the Polish arm of the exchange.
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