World’s largest Cryptocurrency Exchange Binance has announced its services in Poland are now fully compliant with domestic regulatory standards for virtual asset service providers— VASPs. As part of this initiative, Binance users from Poland will have to sign new Terms of the exchange use agreement in order to continue using its services for processing Crypto and other digital services.
Meanwhile, Binance will mandate its clients who did KYC verification on a Polish document to move to the Polish entity Binance Poland. If you do not accept the new regulations and do not transfer your account to a Polish entity, you will not be able to use the exchange moving forward.
In July 2021, Poland financial supervision authority issued a warning against Binance, fast forward to 18 Jan 2023, Binance secured ‘VASPs’ license to fully process Digital services in Poland.
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This shows the level of commitment, resilience and hard-work Changpeng Zhao– ‘CZ Binance’ is putting in for Crypto adoption and Binance compliance to government Regulations.
Press Statement from — Binance Exchange
Binance’s plans for its operations in Poland in 2023 build upon Binance Poland sp. z o.o. local development, and its strict adherence to Polish regulatory standards. As part of this process, Polish users are to sign new Terms and Conditions with Binance Poland sp. z o.o. in order to continue using Binance’s services.
Kyrylo Khomiakov, Binance’s Head of Ukraine and Eastern Europe, said: “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.”
Poland has joined a growing list of the EU Member States where Binance has been granted registrations, following France, Italy, Lithuania, Spain, Cyprus, and Sweden. Visit our dedicated Licenses, Registrations and Other Legal Matterspage for further details on Binance’s global regulatory approvals and registrations.
Katarzyna Wabik, Binance’s Country Manager for Poland, added: “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.
“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.”
Closing Thoughts
This is great news for the cryptocurrency community in Poland as it shows that Binance is committed to complying with domestic regulations and providing a safe and secure platform for users.
The company’s efforts to expand its team and provide education and events in the area also indicates a dedication to fostering growth and innovation in the Polish market.