Binance ordered to stop all virtual currency services by Belgian financial regulator.

The Financial Services and Markets Authority (FSMA) of Belgium has instructed Binance, a major cryptocurrency exchange, to stop providing cryptocurrency exchange and custody wallet services. The FSMA issued a notice on June 23, stating that by offering crypto-related services “from countries that are not members of the European Economic Area,” Binance was violating Belgian laws on anti-money laundering (AML) and combating the financing of terrorism (CFT). The regulator demanded that Binance immediately cease all related services in Belgium. According to the FSMA, Binance controlled an estimated 19 companies outside of the European Economic Area involved in its operations or technical support that did not appear in the terms and conditions Belgium users read when signing up for services. Despite several requests for information, the regulator said it did not receive satisfactory answers identifying the services its companies provided. As part of the order, Binance will have to contact all its Belgium-based clients and return all crypto and private keys the exchange held. The FSMA is one of several national regulators taking action against Binance, as the United States Securities and Exchange Commission is currently pursuing a lawsuit against the exchange and its U.S. entity for alleged violations of securities laws.

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