Binance cryptocurrency exchange he announced plans to strengthen its local presence in Poland on January 18 while remaining compliant with local regulations.
Binance Poland sp. z o. o., Binance’s Polish entity, will comply with Polish regulatory standards for virtual asset service providers (VASPs), which require Polish users to sign new terms with Binance Poland in order to continue using the company’s services.
Witam, Poland #Binance is fully compliant with Polish regulatory standards for Virtual Asset Service Providers (VASP).
This registration allows #Binance to provide crypto asset exchange and custody services in the country.
— Binance (@binance) January 18, 2023
Kyrylo Khomiakov, head of Binance for Ukraine and Eastern Europe, said that the company believes that effective regulation is necessary for mainstream adoption of digital assets. He also highlighted Binance’s commitment to security and strict adherence to Know Your Customer requirements. Khomiakov shared:
“The crypto industry needs effective and appropriate regulation to help mainstream adoption of digital assets. We strongly believe that a stable regulatory environment can support innovation and is essential to creating confidence in the industry and long-term growth.
Binance Country Manager for Poland Katarzyna Wabik also noted that the company fully complies with Polish standards for VASP and that the company is focused on successfully migrating users to the Polish entity, developing local operations and recruiting local talent.
Related: Binance will allow institutions to store cryptocurrencies with cold storage
Binance now has regulatory approval in several EU member states, including France, Italy, Lithuania, Spain, Cyprus, Sweden and now Poland.
On January 11, Cointelegraph reported that Swedish Financial Supervisory Authority has granted the local branch of Binance approval to manage and trade digital currencies in Sweden. The announcement, which reportedly comes after “months of constructive engagement,” allows Swedish residents to access Binance’s crypto services.
As previously reported by Cointelegraph, Binance and Huobi also successfully recovered $2.5 million by Harmony One hackers. Binance CEO Changpeng Zhao shared in his tweet that the hackers tried to launder their funds through Huobi, but Binance found out and contacted Huobi and helped them freeze and restore the digital assets stored by the hackers.
