Binance crypto exchange is being kicked out of the European country again
Date: 2023-06-24 Author: Karina Ziganova Categories: IN WORLD
Cryptocurrencies exchange Binance will cease operations in Belgium. Earlier this week it became known that the company will curtail business in the Netherlands and Cyprus.
On Friday, June 23, it became known that the Belgian regulator ordered Binance to stop working in the country. This is reported by Reuters.
Belgium's Financial Services and Markets Authority (FSMA) has said that the world's largest cryptocurrency exchange must immediately stop providing any services related to virtual currency.
The British will be left without Binance
On June 19, Finance Magnate reported that the registration of Binance Markets Limited (BML), a subsidiary in the UK, had been revoked by the Financial Conduct Authority (FCA). As such, now none of the Binance firms have permission to operate in the UK.
"No other entity in Binance Group is authorised or registered in the UK to conduct regulated business in the UK," the FCA said in a statement.
Prior to that, in mid-2021, the UK regulator canceled another Binance license. Initially, the FCA imposed restrictions on Binance Markets Limited, prohibiting the firm from conducting any regulated activity in the country.
Binance says goodbye to customers from the British
The world's largest cryptocurrency exchange, Binance, is leaving the Netherlands. The company was unable to obtain a virtual asset service provider (VASP) license from the local regulator, and is forced to curtail its activities in the country. This was reported in an official press release on the exchange's website.
As of June 16, the platform has stopped registering new users in the Netherlands. From June 17, only withdrawals will be available to exchange customers residing in this country, the exchange said in a statement. It will no longer be possible to buy cryptocurrency, transfer it to another account, make a deposit or make a transaction.
As of June 16, the platform has stopped registering new users in the Netherlands. From June 17, only withdrawals will be available to exchange customers residing in this country, the exchange said in a statement. It will no longer be possible to buy cryptocurrency, transfer it to another account, make a deposit or make a transaction.
"We urge these users to take appropriate action and withdraw assets from their accounts," the announcement said.
Binance leaves Cyprus
Two days ago, the exchange said it plans to leave Cyprus to focus on ensuring full compliance with the European Union's new rules on crypto assets (MiCA).
The Cypriot division of cryptocurrency exchange Binance may be deregistered as a cryptocurrency service provider. This is stated on the website of the local securities regulator.
The regulator's website does not indicate the reason for submitting the application. It is also unknown when Binance applied for deregistration. The platform received a license from the Cyprus Securities and Exchange Commission in October 2022. At the same time, the crypto exchange has never started its business in Cyprus.
With registration, the platform would be able to offer spot trading, custody and other services in accordance with Cypriot anti-money laundering and counter-terrorist financing regulations.
U.S. Proceedings
Last week, the U.S. Securities and Exchange Commission (SEC) sued Binance, its founder Changpeng Zhao, and the operator of its supposedly independent U.S. exchange, Binance.US. In total, the SEC brought 13 charges against the company, including illegal activities in the United States and the use of clients' assets for personal purposes.
Speaking about the alleged independence of the exchange, the regulator said court documents say that between 2019 and 2021, the bank accounts of Merit Peak, a crypto firm controlled by Zhao, received $22 billion from Binance.US and other companies associated with the head of the platform.
Speaking about the alleged independence of the exchange, the regulator said court documents say that between 2019 and 2021, the bank accounts of Merit Peak, a crypto firm controlled by Zhao, received $22 billion from Binance.US and other companies associated with the head of the platform.
From which countries did Binance leave?
In addition to Cyprus, Binance recently announced that it is ceasing operations in Canada due to a complex regulatory environment. The platform said it does not agree with the initiative of the financial regulator, but still hopes for cooperation to further develop the regulatory framework for digital assets.
The decision comes after the Canadian Securities Authority (CSA) introduced a new set of rules prohibiting the purchase or deposit of stablecoins without the prior approval of the CSA.
In addition, in the spring, the Australian Securities and Investments Commission (ASIC) revoked Binance Australia's derivatives license. According to the regulator, crypto derivatives pose additional risks to consumers due to the use of leverage.
