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Binance meets local regulatory standards in Poland, what it means for polish users

Binance

On January 18, cryptocurrency exchange Binance made plans to expand its regional presence in Poland while abiding by local laws.

Polish users must agree to new terms and conditions with Binance Poland sp. z o.o., Binance’s Polish subsidiary, in order to continue utilizing the company’s services in accordance with Polish regulatory criteria for virtual asset service providers (VASPs).

The Company, according to Kyrylo Khomiakov, head of Binance for Ukraine and Eastern Europe, feels that appropriate regulation is required for the widespread use of digital assets. Additionally, he stressed the dedication to security and its strict compliance with Know Your Customer regulations. 

“Effective and suitable regulation of the cryptocurrency business is required to promote the widespread adoption of digital assets. We firmly think that long-term prosperity and the development of industry trust depend on a stable regulatory environment, which can foster innovation.”

Binance current priorities

Katarzyna Wabik, Binance’s national manager for Poland, added that the firm is entirely compliant with Polish rules for VASPs and that its current priorities include successfully transferring customers to the Polish organization, expanding locally, and hiring locally.

Several EU member states, including France, Italy, Lithuania, Spain, Cyprus, Sweden, and now Poland, have given the crypto exchange regulatory permission.

The local branch of the Company was granted approval by the Swedish Financial Supervisory Authority on January 11 to administer and trade digital currencies in Sweden. The move permits Swedish citizens to use Binance’s cryptocurrency services and was said to follow “months of positive discussion.”

Additionally, Cryptopolitan recently reported that  $2.5 million from Harmony One hackers was successfully recouped by Binance and Huobi. The CEO, Changpeng Zhao, revealed in a tweet that hackers attempted to use Huobi to smuggle money out of the country, but Binance discovered this and worked with Huobi to help freeze and retrieve the hackers’ digital assets once Huobi was informed.

Lacton Muriuki

Lacton Muriuki

Lacton is an experienced journalist specializing in blockchain-based technologies, including NFTs and cryptocurrency. He dabbles in daily crypto news rich with well-researched stats. He adds aesthetic appeal, adding a human face to technology.

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