Belgium: Issued FSMA ruling in investigation into Binance requiring to cease offering virtual currency services in Belgium

On 23 June 2023, the Financial Services and Markets Authority (FSMA) issued its ruling in the investigation into Binance, a cryptocurrency exchange platform, based on the Law on the prevention of money laundering and terrorist financing, requiring it to cease all offers of virtual currency services in Belgium. According to FSMA, Binance has been providing services from countries outside the European Economic Area (EEA), which represents a violation of the prohibition on non-EEA entities offering such services in Belgium. The FSMA claimed that Binance has failed to demonstrate that the entities involved are authorised to operate within Belgium. Furthermore, the FSMA has demanded that Binance return cryptographic keys and virtual currencies to Belgian clients or transfer them to authorised EEA entities.