Binance, the largest cryptocurrency exchange regarding trade volume, has two good news for its users and supporters. After three months of regulatory lockdown, Binance will be reopening its doors for its consumers in Belgium. Secondly, Binance also announced its partnership with Japanese banking giant MUFG to launch stablecoins in Japan in 2024.
Binance’s Regulatory Lockdown in Belgium
In June, the FSMA ordered Binance to stop all its services relating to every crypto coin. Two months later, the Belgian consumers discovered a way to utilize Binance. Binance stated today that its Belgian customers would be channeled through a Polish firm to avoid regulatory measures to ban the crypto exchange from the country.
Check: Binance Dodges Belgian Ban, Continues To Serve Via Polish Entity
On September 25, Binance Belgium announced in X about resuming services in the country. It declared on its post –
“We are delighted to announce that as of today, new registrations of Belgian residents are welcome on our platform once again. In addition, various Binance products and services are accessible again to Belgian users who have accepted our new Terms of Use.”
New Regulations to be Abided
Binance will now solely provide services to European consumers by following the European Union’s Markets in Crypto Assets (MiCA) laws, slated to take effect on December 30, 2024. Binance CEO Changpeng Zhao ‘CZ’ has stated that his platform monitors the region’s compliance landscape and plans to issue more stablecoins.
Partnership with MUFG, Japan
On June 23, the same day FSMA banned Binance, a new gate opened for Binance’s future partnership. On this date, Japan’s biggest bank, Mitsubishi UFG, announced it will issue global stablecoins.
Per the most recent news, Binance is preparing to create stablecoins valued in USD, EUR, and Japanese Yen by 2024 in Japan’s thriving crypto market.
Binance has collaborated with Mitsubishi UFJ Financial Group’s trust banking department on this initiative. Takeshi Chino, general manager of MUFG, stated that the two companies are working together on the issuance.
According to the release, Binance must seek a license in Japan as an electronic settlement methods transaction business provider to carry out the issuing plan. According to Chino, users could use stablecoins for cryptocurrency trading and even engage in payment services if completed.
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