Amid rising global regulatory scrutiny, Binance, the world’s largest cryptocurrency exchange, was instructed by Belgium’s Financial Services and Markets Authority (FSMA) on 23 June to immediately halt its crypto operations in the country. According to the FSMA, Binance has been providing crypto exchange services in Belgium and custody wallet services, from countries that are not members of the European Economic Area. This news comes after Binance’s agreement to safeguard US customer assets until its lawsuit in the US is resolved and its decision to withdraw from the Dutch market due to compliance hurdles.