Popular cryptocurrency exchange Binance has strengthened its local presence in Poland by registering as a virtual asset service provider. At the same time, they simply continue to comply with local regulations.
Sign new terms and conditions
Binance’s Polish entity, Binance Poland, will simply adhere to the standards for the virtual asset service providers in Poland. This requires users to sign new terms and conditions with the Polish Binance entity in order to continue using the crypto exchange’s services. Via a Twitter message Binance confirmed the update.
Kyrylo Khomiakov, who leads Binance’s operations in Ukraine and Eastern Europe, stressed the importance of effective regulation for the mainstream adoption of digital assets. He also highlighted Binance’s commitment to security and compliance with Know Your Customer (KYC) requirements. Khomiakov said the following:
The crypto industry needs effective and appropriate regulation to aid in the mainstream adoption of digital assets. We strongly believe that a stable regulatory environment can support innovation and is essential to build industry confidence and long-term growth.
Expand number of regulatory approvals
Katarzyna Wabik, Binance’s country manager for Poland, stated that the company is fully compliant with Polish regulations for Virtual Asset Service Providers (VASPs) and is committed to migrating users to its Polish entity, building local operations and recruiting local talent.
Binance has now received regulatory approval in several countries, including Cyprus, France, Lithuania, Italy, Poland and Sweden. As a result, the popular cryptocurrency exchange continues to expand its regulatory approval portfolio.