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Binance ordered to stop digital currency services in Belgium

CNA – Belgium’s Financial Services and Markets Authority (FSMA) on Friday ordered Binance to cease offering any virtual currency services in the country, adding to pressure on the world’s biggest cryptocurrency exchange.

Binance, which was founded by Changpeng Zhao in Shanghai in 2017, has grown to dominate the crypto industry but also faces scrutiny from regulators keen to clamp down on money-laundering. It has consistently defended its business practices.

“Binance is offering and providing exchange services in Belgium between virtual currencies and legal currencies, as well as custody wallet services, from countries that are not members of the European Economic Area,” the FSMA said. “The FSMA has therefore ordered Binance to cease, with immediate effect, offering or providing any and all such services in Belgium.”

Earlier this month, Binance and Binance.US entered an agreement with the United States (US) Securities and Exchange Commission (SEC) to ensure US customer assets remain in the US until a sweeping lawsuit filed this month by the SEC is resolved.