Blockchain & Crypto

Binance Is Now Fully Compliant With Polish Crypto Regulations

Binance branch in Poland is now fully compliant with local regulatory standards for virtual asset service providers

Binance compliant regulations Poland

Being fully compliant with local regulations, Binance now looks to expand its regional presence. Image: pexels

Binance Poland sp. z o.o. announced that it plans to enhance its presence in Poland, following the full regulatory compliance it acquired.

The Poland-based users of the crypto exchange should now sign new Terms and Conditions, updated with necessary requirements for a licensed virtual asset service provider. Poland has become the latest addition to a growing list of EU Member States where Binance has been granted legal registrations.

The company needed to adopt enhanced risk and AML policies to match EU exacting standards. Now Binance’s 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,” said Katarzyna Wabik, Binance’s Country Manager for Poland.

Currently, the Binance Polish entity has already started looking for local personnel. Namely, the company has hosted a few job listings within compliance, finance, and operations.

Despite some objections against regulated crypto entities becoming centralised, Binance management believes crypto adoption remains at a low rate due to the lack of trust towards unlicensed crypto service providers.

Binance CEO Changpeng Zhao commonly known as “CZ” believes licences play an important part in crypto market development.

"For the crypto industry to grow, we need fiat on and off-ramps. We need to build bridges between crypto and fiat. For this, we need to integrate with traditional financial systems, banks, payment services, etc. And for that, we need licenses."
CZ

Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.