Binance, the world’s largest cryptocurrency exchange, announced that it is now fully compliant with Polish regulations for virtual asset service providers (VASPs).
Users in Poland who use Binance must also agree to new terms and conditions in order to continue using the platform. Binance stated that this change was made to ensure the best and safest experience for its users.
The company also emphasized its efforts to expand its team for Binance Poland and increase its local presence by hiring for various positions.
According to Binance’s Head of Ukraine and Eastern Europe, Kyrylo Khomiakov, effective and appropriate regulation of the cryptocurrency sector is necessary to promote the adoption of digital assets by the general public. The exchange is convinced that long-term growth and innovation can only occur under a stable regulatory environment.
Khomiakov stated:
“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.”
As the exchange faced uncertain circumstances in December 2022, it announced plans to deepen its roots in Europe. This move was an effort to reassure panicking users who were withdrawing assets due to confusion and concerns following criticism of Binance for being unclear about customer deposits.
An executive from Binance Poland, Katarzyna Wabik, stated that the company’s priority is to ensure a smooth transition for users to the Polish organization. This includes enhancing local operations and adopting risk and anti-money laundering policies that align with standards for VASPs in Poland.
Recently, Binance also received a regulatory license from the Swedish Financial Supervisory Authority. The license allows local users to access a range of products and services, including trading, staking, buying and selling digital assets with the Euro, and withdrawing funds in that fiat currency.
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