Binance to Increase Presence in Poland in Compliance With Local Regulations – The largest digital asset trading platform in the world, Binance, is expanding its presence in Poland, stressing in a press release that it is committed to complying with the country’s regulations for virtual asset service providers (VASPs).
The expansion in 2023 will be aided by the establishment of a regulatory-compliant local organization for the company. To continue utilizing the platform’s services, Polish consumers will be required to sign new Terms and Conditions with Binance Poland.
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The subsidiary will establish risk and anti-money laundering policies to achieve full compliance with the Polish regulations for VASPs. Country Manager for Poland at Binance, Katarzyna Wabik, was quoted in a blog post published on Wednesday.
“Our current focus is the successful user migration to the Polish entity and the development of local operations. We’re also prioritizing local recruitment and talent scouting to help us strengthen our regional presence, organizing more events and delivering crypto education in Poland,” she detailed.
Already, Binance is seeking to hire expertise for its Polish subsidiary. Compliance, finance, and operations are presently seeking candidates, according to the exchange. According to Kyrylo Khomiakov, Head of Ukraine and Eastern Europe for Binance, the crypto business needs effective regulation to facilitate widespread adoption.
He added that a stable regulatory framework is vital for fostering industry confidence and long-term expansion. The regional CEO stated that Binance welcomes the Warsaw government’s regulatory actions. In addition, he mentioned that the cryptocurrency exchange continues to enhance its security measures and adheres to stringent know-your-customer (KYC) regulations.
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In addition to France, Italy, Lithuania, Spain, and Cyprus, Binance has been granted registration or licensing in Poland, bringing the total number of EU member states where Binance is registered or licensed to a total of seven. The most recent regulatory approval was obtained earlier this month by the Swedish Financial Supervisory Authority.
