Cryptocurrency platform Binance will remain active in Belgium, thanks to a Polish licence. The FSMA, the financial markets authority, said on Monday that it had "taken note" of the decision, but set a number of conditions for accepting it.
At the end of June, the financial watchdog noted that Binance was offering and providing virtual and legal tender services in Belgium, as well as custody wallet services from countries that are not members of the European Economic Area. This practice is prohibited and the FSMA ordered the platform to cease providing such services in Belgium with immediate effect.
At the end of July, however, Binance had not yet asked any Belgian customers to withdraw their cryptos from the platform or detailed any procedure for transferring their crypto-assets. At the time, the company said it was working on a solution for Belgian customers that should be available by the end of the summer.
This is what has happened over the past few days, with the platform now offering its services in Belgium thanks to its Polish licence.
"FSMA has taken note of Binance's decision to cease all provision of services from a third country (outside the European Economic Area) and to offer its Belgian customers the option of working with Binance Poland", the regulator confirmed on Monday. The law does not prevent the platform's Polish subsidiary from offering services in Belgium, it added.
However, the FSMA has set a number of conditions for accepting this approach. The transfer of clients to Binance Poland must be subject to the individual agreement of the clients concerned.
For those who do not agree to such a move, the company will have to ask them for instructions to transfer their assets to another platform established in the European Economic Area and authorised under its national law to offer services in Belgium.
FSMA points out, however, that the Polish financial market supervisory authority (KNF) currently has no legal jurisdiction over Binance Poland.
