Cryptocurrency exchange Binance announced plans on Jan. 18 to enhance its local presence in Poland while remaining compliant with local regulations.
Binance Poland sp. z o.o., Binance’s Polish entity, will adhere to Polish regulatory standards for virtual asset service providers (VASPs), which requires Polish users to sign new terms and conditions with Binance Poland, in order to continue using the company's services.
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
Kyrylo Khomiakov, Binance's Head of Ukraine and Eastern Europe, stated that the company believes that effective regulation is necessary for the mainstream adoption of digital assets. He also emphasized Binance's commitment to security and strict adherence to know-your-customer (KYC) requirements. Khomiakov shared:
“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 Country Manager for Poland, Katarzyna Wabik, also noted that the company is fully compliant with Polish standards for VASPs and that the company is focusing on successfully migrating users to the Polish entity, developing local operations, and recruiting local talent.
Related: Binance to let institutions store crypto with cold custody
Binance now has regulatory approval in several EU member states including France, Italy, Lithuania, Spain, Cyprus, Sweden, and now, Poland.
On Jan 11, Cointelegraph reported that the Swedish Financial Supervisory Authority had granted the local arm of Binance approval to manage and trade digital currencies in Sweden. The announcement which reportedly came after “months of constructive engagement” allows Swedish residents to access Binance’s crypto services.
As reported previously by Cointelegraph, Binance and the Huobi team have also successfully recovered $2.5M from Harmony One hackers. Binance CEO Changpeng Zhao shared in a tweet that the hackers tried to launder their funds through the Huobi exchange. However, Binance detected this, and contacted and assisted Huobi in freezing and recovering the digital assets deposited by the hackers.