By
Chimamanda U. Martha
April 25th, 2024
According to Binance’s announcement, to use the full range of its services, customers will have to sign new Terms and Conditions with Binance Poland sp. z o.o.
Crypto exchange Binance is now officially present in Poland. The exchange has met all the required domestic regulatory standards for virtual asset service providers (VASPs) and is now able to provide crypto asset exchange and custody services in the country.
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
According to Binance’s announcement, to use the full range of its services, customers will have to sign new Terms and Conditions with Binance Poland sp. z o.o.
Kyrylo Khomiakov, Binance’s Head of Ukraine and Eastern Europe, commented:
“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.”
He further added:
“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.”
According to Katarzyna Wabik, Binance’s Country Manager for Poland, the full matching and compliance with Polish standards for VASPs has been crucial for Binance to expand its presence in Poland. Now, the company is planning to focus on assisting users in migration to the Polish entity as well as improving local transactions. In addition, Binance Poland sp. z o.o will be headhunting and looking for more people to join its team.
Binance’s Presence In Europe
Binance operates the largest cryptocurrency exchange in the world in terms of the daily trading volume of cryptocurrencies. Its platform is trusted by millions worldwide and features an unmatched portfolio of financial product offerings.
Founded in 2017 in China, Binance has expanded its services to more than 100 countries. The company has received authorization to provide services in Bahrain, Australia, New Zealand, Canada, and South Africa. It has also received approval from Kazakhstan’s Astana International Financial Centre, Abu Dhabi Global Market, and Dubai World Trade Center. Over the past few years, it has received approval from many European nations, including France, Spain, Italy, Cyprus, and Lithuania.
France was the first European country where Binance acquired permission to provide digital asset services back in May 2022. At that time, the European Union was still working on a crypto regulation bill that aims to shape crypto development in the European common market.
One of the latest governments to authorize Binance for operating was Sweden. The registration allowed Binance to launch a website in Swedish and in other ways market itself directly to consumers. Now, with registration in Poland, Binance is present in seven European countries. In total, Binance has received regulatory permissions approvals in as many as 15 jurisdictions.