Connect with us

News

Binance ordered to cease all virtual currency services by Belgian Financial Regulators

The Belgian Financial Services and Markets Authority has ordered major cryptocurrency exchange Binance to stop offering crypto exchange and custody wallet services. 

Published

on

The Belgian Financial Services and Markets Authority has ordered major cryptocurrency exchange Binance to stop offering crypto exchange and custody wallet services. 

In a June 23 notice, the FSMA said that by Binance offering crypto-related services “from countries that are not members of the European Economic Area,” the exchange was violating Belgian laws on Anti-Money Laundering and Combating the Financing of Terrorism. The financial regulator said Binance must cease “with immediate effect” all related services in Belgium.

According to the FSMA, Binance controlled an estimated 19 companies outside of the European Economic Area — European Union nations as well as Iceland, Liechtenstein and Norway — involved in its operations or technical support that did not appear in the terms and conditions Belgium users read when signing up for services. The regulator said it had made “several requests for information” from Binance but did not receive satisfactory answers identifying the services its companies provided.

“In spite of the opportunities offered to Binance on several occasions, the latter has failed to demonstrate, with due documentation and proof, that the exchange services between virtual currencies and legal currencies and the custody wallet services that it offers and provides within Belgium are carried out by means of a legal entity governed by the law of another member state of the European Economic Area that is duly authorized by its home member state to carry out these activities, including within Belgium,” said the FSMA.

As part of the order, Binance will be required to contact all its Belgium-based clients and return all crypto and private keys the exchange held.

The FSMA is just 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.

Business

Binance tightens South African compliance rules for crypto transfers

Published

on

Binance is tightening compliance measures for crypto transactions in South Africa, announcing it will fully implement the country’s Travel Rule requirements beginning January 2025. The move aligns with regulations set by South Africa’s Financial Intelligence Centre (FIC) and reflects the exchange’s broader efforts to meet global anti-money laundering standards.

Under the new rules, Binance will require South African users to include verified personal information—such as names, addresses, and account details—when sending or receiving crypto between platforms. These changes are designed to increase transparency and traceability of digital asset transfers, making it harder for illicit actors to exploit decentralized networks.

Binance emphasized that users must complete know-your-customer (KYC) verification before transferring crypto to or from external wallets. Transfers to non-compliant platforms may be restricted or flagged, while internal transfers within Binance or to Travel Rule-compliant entities will remain unaffected.

The announcement follows South Africa’s decision in 2023 to designate crypto as a financial product, placing digital asset providers under the supervision of the FIC. The country has since taken steps to integrate crypto into its formal regulatory structure, including licensing requirements and mandatory reporting obligations.

With enforcement beginning in 2025, Binance urged users to familiarize themselves with the new procedures to avoid disruptions. The exchange also plans to provide additional guidance and tools to help users remain compliant as the deadline approaches.

Continue Reading

Business

Ethereum bounces back as market dominance recovers from all-time low

Published

on

Ethereum has staged a notable recovery after recently experiencing its lowest market dominance since its early days. The turnaround comes as ETH surged nearly 4% in the past 24 hours, climbing back above the $3,100 mark and narrowing its underperformance gap relative to Bitcoin.

For much of 2024, Ethereum has trailed behind Bitcoin and a growing wave of altcoins, with its market share dropping below 15% — levels not seen since 2015. The slump was driven by investor focus on Bitcoin ETF momentum, lackluster institutional interest in ETH, and rising competition from layer-1 and layer-2 networks offering faster and cheaper alternatives.

Despite these challenges, Ethereum’s fundamentals remain strong. Data shows a healthy uptick in active addresses, transaction volumes, and total value locked in DeFi protocols built on Ethereum. Additionally, hopes remain high for the approval of a spot Ethereum ETF in the U.S., with analysts suggesting a potential turnaround in institutional flows if approved.

Traders are now watching whether this rebound signals a sustained trend reversal or just a temporary relief rally. With key upgrades and ecosystem developments still in the pipeline, Ethereum’s ability to regain dominance may hinge on reigniting both investor confidence and broader developer activity.

Continue Reading

Business

SEC says it won’t re-file fraud case against Hex’s Richard Heart

Published

on

The U.S. Securities and Exchange Commission (SEC) has confirmed it will not pursue a retrial in its fraud case against HEX founder Richard Heart, effectively bringing an end to one of the agency’s high-profile crypto enforcement actions.

The decision follows a recent court ruling that dismissed several key allegations against Heart, including claims that he misled investors and violated securities laws through the promotion and sale of HEX, PulseChain, and PulseX tokens. While the SEC initially signaled it would consider further legal options, it has now opted to forgo additional litigation.

Heart, a controversial figure in the crypto world, had long denied the SEC’s accusations, framing the lawsuit as an overreach by regulators. The agency had alleged that Heart raised over $1 billion from investors while misrepresenting how funds would be used and failing to register the offerings.

With the SEC stepping back, the dismissal marks a rare instance in which the regulator has chosen not to continue a crypto-related fraud case, potentially signaling a reassessment of its approach amid growing legal pushback and mounting scrutiny over its enforcement tactics.

Although the case is now closed, legal analysts suggest the outcome could influence future regulatory efforts and may embolden other crypto founders facing similar challenges. Heart, meanwhile, has positioned the development as a vindication, reaffirming his stance that HEX and related projects were never in violation of U.S. securities laws.

Continue Reading

Trending

Copyright © 2025 cryptonews.lk