Crypto exchange Binance announced on Wednesday that it is now fully compliant with Polish regulatory standards for virtual asset service providers (VASPs) and has now been registered as such.
Binance, the world’s largest cryptocurrency exchange, announced on Wednesday that its services are now fully compliant with Polish regulatory standards for VASPs and as such, has been registered to offer its service to Polish citizens. Binance Poland sp.z o.o.
Witam, Poland 🇵🇱#Binance is fully compliant with Polish regulatory standards for virtual asset service providers (VASPs).This registration enables #Binance to provide crypto asset exchange and custody services in the country.
— Binance (@binance) January 18, 2023
Katarzyna Wabik, Binance’s Country Manager for Poland said:
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 Users in Poland Will Have to Agree to New Terms and Conditions
Binance’s Polish entity, which now adheres to domestic regulatory standards for VASPs, will require its Polish users to agree to and sign new terms and conditions with Binance Poland in order to continue using the exchange’s services.
Binance’s Head of Ukraine and Eastern Europe, Kyrylo Khomiakov, said in the company’s blog post:
The crypto industry needs effective and appropriate regulation to help with mainstream adoption of digital assets. We strongly believe that a stable regulatory environment can support innovation and is essential to establishing trust in the industry and long-term growth.
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. And we at Binance continue improving our security systems and following the strictest KYC requirements in the industry, which enhances the safety of all our users.
Binance has been granted registrations in several EU Member States, including, France, Italy, Lithuania, Spain, Cyprus, and Sweden.
Binance is dedicated to building its presence in Polish in the right way and is now building a team dedicated solely to the Polish entity as part of the company’s commitment to expanding local operations within the country.
Our current focus is the successful user migration to the Polish entity and the development of local operations. We’re also prioritizing local recruitment and talent scouting to help us strengthen our regional presence, organizing more events and delivering crypto education in Poland.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.