- Polish residents registered with Binance are asked to sign new terms and conditions with Binance’s Polish entity.
- Binance Poland sp. z o.o, is fully compliant with local regulations for virtual asset service providers.
- Binance also plans to increase local talent acquisition, events, and educational initiatives in Poland.
Binance Boosts Local Presence in Poland, Prioritizes Safe User Experience
Binance announced its intentions to enhance its local presence in Poland, as well as a continued commitment to full regulatory compliance. The company’s priority is to provide users with the safest and best experience possible. Thanks to Binance Poland spółka z ograniczoną odpowiedzialnością (Binance Poland sp. z o.o), the company’s Polish entity has remained fully compliant with local regulations for virtual asset service providers.
Polish users will also be asked to sign new terms and conditions with Binance Poland sp. z o.o to continue using Binance’s services.
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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.“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.” Binance’s Head of Ukraine and Eastern Europe, Kyrylo Khomiakov said.— Binance (@binance) January 18, 2023
Continued Expansion and Regulatory Adherence
Binance’s plans for Poland in 2023 include increased local development and adherence to Polish regulatory standards. Poland joins a growing list of EU member states where Binance has been granted regulatory approval, including France, Italy, Lithuania, Spain, Cyprus, and Sweden.
Katarzyna Wabik, Binance’s Country Manager for Poland, added that the company fully complied with Polish standards for VASPs. It took this step to ensure that Binance Poland sp. z o.o. adopted risk and AML policies to match these exacting standards.
Wabik added that their current focus is successful user migration to the Polish entity and the development of local operations.
Expanding into Poland
Binance is currently focusing on successful user migration and the development of local operations. It is prioritizing local recruitment and talent scouting to strengthen its regional presence. Per its website, there are already job openings dedicated to the Polish entity, including compliance, finance, and operational roles.
On the Flipside
- As of this writing, evidence of quotes from both Kyrylo Khomiakov and Katarzyna Wabik can only be found on Binance.
- Increased regulation in the crypto industry may stifle innovation and also limit growth in the long term.
- Furthermore, large centralized exchanges like Binance may have too much control over the market, which presents a risk of price manipulation.
Why You Should Care
Binance sets the standard for all exchanges, and Europe has long been a challenging market for crypto exchanges. As Binance continues to expand into new territories, it is also increasing the exposure of crypto to a broader audience, which is vital for the industry’s overall growth and development.
Further Reading:
France’s Villeroy Wants to Implement ‘Obligatory’ Crypto Licensing ‘as Soon as Possible’
U.S. Regulators Warn Banks Against Using Crypto, Claim It’s Not ‘Safe and Sound’