Binance to Increase Presence in Poland in Compliance With Local Regulations

Binance has unveiled intentions to broaden its activities in Poland, another EU member state where the global cryptocurrency exchange is registered. The coin trading platform plans to develop its Polish entity, recruit local talent and launch educational initiatives.

Crypto Exchange Binance Moves Forward With Plans to Expand Operations in Poland

Binance, the world’s largest digital asset trading platform, is enhancing its presence in Poland, noting in an announcement that it maintains its commitment to comply with the country’s rules for virtual asset service providers (VASPs).

The expansion in 2023 will be facilitated by the development of the company’s local entity which adheres to the regulatory requirements. Polish customers will have to sign new Terms and Conditions with Binance Poland in order to continue using the platform’s services.

The subsidiary aims at full compliance with the Polish standards for VASPs and will adopt risk and anti-money laundering policies to match them, Binance’s Country Manager for Poland, Katarzyna Wabik, was quoted as saying in a blog post published 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.

Binance is already looking to hire specialists for its Polish company. Vacancies are currently available within compliance, finance, and operations, the exchange pointed out.

The crypto industry needs effective regulation to help with mainstream adoption, according to Binance’s Head of Ukraine and Eastern Europe, Kyrylo Khomiakov. He elaborated that a stable regulatory environment is essential to establishing trust in the industry and long-term growth.

The regional executive added that Binance welcomes the regulatory initiatives of the government in Warsaw. He also remarked that the crypto exchange continues to improve its security systems and follows strict know-your-customer (KYC) requirements.

Poland is another EU member state where Binance has been granted registration or licensing, with the growing list now including France, Italy, Lithuania, Spain, and Cyprus. Its latest regulatory approval was issued by Sweden’s Financial Supervisory Authority earlier this month.

Why do you think Binance seeks to acquire regulatory approvals in individual EU member states? Tell us in the comments section below.

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Author: Bitcoin.com