{"id":322701,"date":"2023-06-24T00:15:22","date_gmt":"2023-06-23T18:45:22","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=322701"},"modified":"2023-06-24T00:06:23","modified_gmt":"2023-06-23T18:36:23","slug":"binance-gets-in-trouble-with-another-financial-regulator-details-inside","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/binance-gets-in-trouble-with-another-financial-regulator-details-inside\/","title":{"rendered":"Binance gets in trouble with another financial regulator. Details inside&#8230;"},"content":{"rendered":"<ul>\n<li><em>Belgium&#8217;s financial authority ordered Binance to cease all its operations immediately<\/em><\/li>\n<li><em>The exchange is also required to return customers their assets<\/em><\/li>\n<\/ul>\n<p>Binance &#8211; the world&#8217;s largest crypto exchange by trade volume &#8211; continues to be in troubled waters with regulators around the globe. In the latest developments, the Belgium Financial Services and Markets Authority [FSMA] has ordered Binance to stop its operations in the country immediately. In a notice released today, the authority stated that the exchange failed to comply with the law of the nation.<\/p>\n<p>Additionally, the regulator stated that failure to comply with its law could subject the firm to criminal sanctions. And, the case would fall under its Anti-money Laundering and Terror Financing Act. As per the press release, the law <a href=\"https:\/\/www.fsma.be\/en\/news\/fsma-orders-binance-cease-immediately-all-offers-virtual-currency-services-belgium\" target=\"_blank\" rel=\"noopener\">states<\/a>,<\/p>\n<blockquote><p>&#8220;Persons or firms governed by the law of a country that is not a member of the European Economic Area are prohibited from offering or providing, within Belgium, by way of a professional activity \u2013 even if supplementary or ancillary \u2013 exchange services between virtual currencies and legal currencies or custody wallet services&#8221;<\/p><\/blockquote>\n<h3><strong>Binance fails to provide the details of its operations<\/strong><\/h3>\n<p>With this, the crypto entity cannot provide any exchange, fiat to crypto, and custody services in the region. Moreover, FSMA stated that the services provided by Binance Operators were &#8220;not otherwise identified&#8221;. There were 27 Binance entities providing the same services, out of which 19 were located outside of the EEA.<\/p>\n<p>The regulator stated that Binance &#8220;has not been able to demonstrate to the requisite legal standard&#8221;. It added that the crypto entity did not prove that its crypto services in Belgium were from an EEA-based entity. Binance also did not prove that its operations were &#8220;authorized, based on their domestic law, to provide such services in Belgium&#8221;<\/p>\n<p>Furthermore, Binance has to also return Belgium users their cryptocurrencies. Otherwise, it has to transfer their assets to other crypto service providers governed by the EEA member state. It added that &#8220;The Crown Prosecutor of Brussels has been informed of the acts that are liable to constitute a criminal offence.&#8221;<\/p>\n<p>Notably, this regulatory action comes at the height of tensions between the crypto exchange and the US regulator &#8211; the Securities and Exchanges Commission [SEC]. The exchange&#8217;s American wing had a minor win against the regulator when the court <a href=\"http:\/\/ambcrypto.com\/binance-sec-propose-to-limit-fund-access-to-u-s-staff\/\" target=\"_blank\" rel=\"noopener\">deemed<\/a> that it would not freeze all of its assets per the SEC&#8217;s wishes. Moreover, the commission also admitted to having no proof of the exchange comingling customer assets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance was in the news once again and it wasn&#8217;t good for the exchange. As of 23 June, Belgium&#8217;s financial authority ordered the cryptocurrency exchange to halt all operations with immediate effect. <\/p>\n","protected":false},"author":25,"featured_media":322705,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[66,3,4,20],"tags":[],"class_list":["post-322701","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Binance gets in trouble with another financial regulator. Details inside... - AMBCrypto<\/title>\n<meta name=\"description\" content=\"The Belgium Financial Services and Markets Authority [FSMA] has ordered Binance to stop its operations in the country...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/binance-gets-in-trouble-with-another-financial-regulator-details-inside\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Binance gets in trouble with another financial regulator. Details inside... - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Binance was in the news once again and it wasn&#039;t good for the exchange. As of 23 June, Belgium&#039;s financial authority ordered the cryptocurrency exchange to halt all operations with immediate effect.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ambcrypto.com\/binance-gets-in-trouble-with-another-financial-regulator-details-inside\/\" \/>\n<meta property=\"og:site_name\" content=\"AMBCrypto\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/cryptoamb\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-23T18:45:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/boudewijn-huysmans-d-wcMZ66YS8-unsplash-scaled-e1687543647886.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Priya NV\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@CryptoAmb\" \/>\n<meta name=\"twitter:site\" content=\"@CryptoAmb\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Priya NV\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/binance-gets-in-trouble-with-another-financial-regulator-details-inside\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/binance-gets-in-trouble-with-another-financial-regulator-details-inside\\\/\"},\"author\":{\"name\":\"Priya NV\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#\\\/schema\\\/person\\\/d0ed9f2d6cb66b98e2e305ce08c57812\"},\"headline\":\"Binance gets in trouble with another financial regulator. 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