• Binance Exchange has reopened registrations for its Belgian community to access its products and services.
  • The restoration comes with new “Terms of Use”, as the platform looks to steer clear of regulatory mishaps.
  • It comes three months after the FSMA ordered the platform to cease operations in Belgium citing law violations around EEA.

Binance, the largest exchange by trading volume, has resumed operations in Belgium, around three months after suspension. An earlier report indicated that the Belgian regulatory body, Financial Services and Markets Authority (FSMA), instructed Binance to halt operations in the country beginning June 23 for violating laws.

Also Read: Binance ordered to cease crypto services in Belgium over allegations of violation of law

Binance resumes operations in Belgium

Binance was accused of breaking regulations imposed by the FSMA in Belgium, with the regulatory body calling out the platform for “serving customers in the country from areas listed outside the European Economic Area (EEA).”

The services cited comprised virtual and legal currencies and custody wallet services, with the FSMA reiterating that the Belgian laws stipulated that “no country outside the EEA was allowed to engage in offering the aforementioned services.” Breaking either of these laws would warrant criminal sanctions as the country and its regulatory bodies strived to prevent financial crime, including laundering money or funding terrorists.

Beyond the cease and desist order from the FSMA to Binance, the Belgian regulator instructed that Binance returns to the Belgian clients in question all cryptographic keys and/or all virtual currencies that Binance holds for their account with immediate effect. The alternative was to transfer the assets to organizations under the EEA umbrella, possibly a member state and duly authorized by their domestic law to carry out such activities, including within Belgium.

The incident saw the platform push its users to the exchange’s outlet in Poland as it maneuvered the regulatory bind. Binance’s Polish arm took charge as the main service provider owing to the fact that the exchange had secured operating licenses and therefore recognized as a registered entity in Poland.

Nevertheless, in a recent development, the platform has announced that operations have resumed, with customers getting the green light to actively deposit and withdraw.

With this report, the country’s residents can now register and access Binance products and services in Belgium. Beyond that, some other offerings have also been restored, unique to users that accept the “Terms of Use,” according to the announcement. The exchange also thanked users for their patience and continued support.

Meanwhile, despite positive developments in Belgium, Binance exchange continues to remain within the tight web of the United States Securities and Exchange Commission (SEC), among other regulatory bodies like the Commodities Futures Trading Commission (CFTC) and the US Department of Justice (DOJ). Both the platform and its CEO Changpeng Zhao (CZ) are the subjects of an ongoing investigation, with demonstrated intentions to protect users from a possible fallout.

CZ has maintained his stance amid all the chaos, pleading not guilty and urging users to avoid succumbing to the whim of fear, uncertainty, and doubt.

Cryptocurrency metrics FAQs

What is circulating supply?

The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. Since its inception, a total of 19,445,656 BTCs have been mined, which is the circulating supply of Bitcoin. On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.

What is market capitalization?

Market capitalization is the result of multiplying the circulating supply of a certain asset by the asset’s current market value. For Bitcoin, the market capitalization at the beginning of August 2023 is above $570 billion, which is the result of the more than 19 million BTC in circulation multiplied by the Bitcoin price around $29,600.

What is trading volume?

Trading volume refers to the total number of tokens for a specific asset that has been transacted or exchanged between buyers and sellers within set trading hours, for example, 24 hours. It is used to gauge market sentiment, this metric combines all volumes on centralized exchanges and decentralized exchanges. Increasing trading volume often denotes the demand for a certain asset as more people are buying and selling the cryptocurrency.

What is funding rate?

Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets. It defines a mechanism by exchanges to ensure that future prices and index prices periodic payments regularly converge. When the funding rate is positive, the price of the perpetual contract is higher than the mark price. This means traders who are bullish and have opened long positions pay traders who are in short positions. On the other hand, a negative funding rate means perpetual prices are below the mark price, and hence traders with short positions pay traders who have opened long positions.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Chainlink social dominance hits six-month peak as LINK extends gains

Chainlink social dominance hits six-month peak as LINK extends gains

Chainlink social dominance surged to a six-month peak on Friday as LINK holders increased their activity. LINK traders started taking profits, on-chain data trackers show. LINK price added 6% on Friday, extending its gains from mid-week.

More Chainlink News

Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570

Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570

Binance’s Financial Crimes Compliance (FCC) department joined forces with Taiwan’s Ministry of Justice and helped resolve a case of money laundering worth NT$200 million, or $6.2 million. 

More Binance News

Bitcoin Weekly Forecast: Is BTC out of the woods? Premium

Bitcoin Weekly Forecast: Is BTC out of the woods?

Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.

More Bitcoin News

XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa

XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa

Ripple hovers close to $0.51 on Friday, above the psychologically important $0.50 level, as traders await the court ruling of the lawsuit against the US Securities and Exchange Commission and amid new commitments from the firm to expand its services in Africa. 

More Ripple News

Bitcoin: Is BTC out of the woods? Premium

Bitcoin: Is BTC out of the woods?

Bitcoin (BTC) price action in the past two days has confirmed the resumption of the bull run. However, BTC needs to clear a few key hurdles before investors can go all-in. 

Read full analysis

BTC

ETH

XRP