Binance To Stop Trading Privacy Coins In Belgium Amid Global Scrutiny

Key Points:

• Binance is set to remove privacy coins like Monero and MobileCoin from its offerings for Belgian users.
• The move comes as Binance aligns with local laws and regulations in each market it operates in.
• The exchange faces increased regulatory scrutiny, including potential charges in the US.

Binance, one of the world’s largest cryptocurrency exchanges, is set to delist privacy coins in Belgium later this month, following similar actions in France, Italy, Poland, and Spain earlier this year.

The decision comes as the exchange announced that it will serve Belgian users through its Polish entity, subjecting them to Polish regulations.

Starting September 21, Belgian customers on the platform will no longer have access to privacy coins, including Monero (XMR), MobileCoin (MOB), Firo (Firo), and Horizen (ZEN).

According to a The Block report, a Binance spokesperson emphasized the need to adhere to local laws and regulations, stating:

“While we aim to support as many quality projects as possible, we are required to follow local laws and regulations regarding the trading of privacy coins.”

This move reflects the exchange’s commitment to comply with regulations in every market where it operates. The cryptocurrency exchange is facing increased regulatory scrutiny worldwide, with U.S. authorities reportedly considering charges against Binance.

Additionally, various regulators have filed lawsuits against the company and its CEO, Changpeng “CZ” Zhao. In response to these challenges, CZ contemplated the possibility of shutting down the U.S. unit in an effort to safeguard the broader company.

As Binance navigates the evolving regulatory landscape, it remains under close watch by authorities in the United States, European Union member states like France and Germany, and now, Belgium. The exchange is adjusting its offerings and coin listings to align with regulatory requirements, ensuring compliance with local laws.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.