Crypto Exchange Binance Receives Regulatory Approval to Operate in Poland

Crypto Exchange Binance Receives Regulatory Approval to Operate in Poland

Poland becomes the seventh European country to allow Binance to operate in its country.

Binance, the largest cryptocurrency exchange in terms of daily trading volumes, has been registered as Virtual Asset Service Provider (VASP) in Poland.

According to the announcement shared on January 18th, the registration allows Binance to provide crypto asset exchange and custody services.

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With the new registration, Binance aims to expand its local presence in Poland while complying with local regulations.

In the announcement, Binance claims that its Polish entity, Binance Poland sp. z o.o., is fully compliant with the regulatory standards applicable to virtual asset service providers (VASPs).

However, to ensure the successful development of Binance Poland sp. z o.o., Binance is asking Polish users to sign new Terms and Conditions “in order to continue using Binance’s services.”

When talking about the new requirements, Binance’s Country Manager for Poland, Katarzyna Wabik, noted:

We fully comply with Polish standards for VASPs and make this step to ensure that Binance Poland sp. z o.o. has adopted risk and AML policies to match these exacting standards.

Binance’s Head of Ukraine and Eastern Europe, Kyrylo Khomiakov, noted that the crypto industry must have “effective and appropriate” regulations. Khomiakov claimed that Binance continues to improve its security systems and follow all know-your-customers (KYC) requirements. Moreover, Kyrylo Khomiakov added:

We welcome the initiatives of the Polish government towards regulation. Working together with regulators globally, we can ensure that consumers are protected while continuing to cultivate innovation and progress.

Poland became the third country in Europe to license Binance as VASP. Crypto exchange was also registered as Virtual Asset Service Provider in Spain and Lithuania. Italy and France registered Binance as Digital Asset Service Provider (DASP). On the other hand, in Cyprus, Binance operates as Crypto Asset Service Provider (CASP), while in Sweden, it is registered as a financial institution.

Moreover, in the announcement, Katarzyna Wabik revealed that in 2023, Binance plans to prioritize “local recruitment and talent scouting,” with positions currently available in the customer support and marketing department.

Gile K. - Crypto Analyst

by Gile K. - Crypto Analyst, BitDegree


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