Crypto trading platform Mexc Global LTD must cease its illegal crypto-asset services in Belgium, the Financial Services and Market Authorities (FSMA) said on Wednesday.
According to the FSMA, Mexc Global LTD offers custodian wallet services and markets financial products dependent on virtual currencies within Belgium. This type of activity, conducted by entities from non-European Economic Area countries, is illegal on Belgian territory.
The financial watchdog further specified that the company violates this ban by offering these services from the Seychelles.
Moreover, it is also forbidden to market professionally within Belgium, to one or more retail clients, a financial product whose yield directly or indirectly relies on a virtual currency. The FSMA attests to having serious indications that Mexc Global LTD does not comply with this restriction.
As a result, the FSMA has ordered the company to discontinue these practices or face potential criminal penalties.
