- Polish residents registered with Binance are required to sign new terms and conditions with the Polish Binance entity.
- Binance Poland sp. z oo, is fully compliant with local regulations for virtual asset service providers.
- Binance also plans to increase local talent acquisitions and educational events and initiatives in Poland.
Binance is strengthening its local presence in Poland and prioritizing secure user experience
Binance announced its intention to strengthen its local presence in Poland, as well as an ongoing commitment to full regulatory compliance. The company’s priority is to provide users with the safest and most secure experience possible. Thanks to Binance Poland spółka z ograniczoną odpowiedzialnością (Binance Poland sp. z oo), the company’s Polish entity has remained fully compliant with local regulations for virtual asset service providers.
Polish users will also be required to sign new terms and conditions with Binance Poland sp. z oo to continue using Binance services.
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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
The cryptocurrency industry needs effective and adequate regulation to help mainstream digital asset adoption. We firmly believe that a stable regulatory environment can support innovation and is essential to building confidence in the industry and long-term growth,” said Kirilo Khomyakov, Head of Binance for Ukraine and Eastern Europe.
Continuous expansion and organizational commitment
Binance’s plans for Poland in 2023 include increasing local development and adhering to Polish regulatory standards. Poland joins a growing list of EU member states where Binance has been granted regulatory approval, including France, Italy, Lithuania, Spain, Cyprus and Sweden.
Katarzyna Wabik, Regional Director of Binance Poland, added that the company fully complies with Polish standards for VASPs. This step was taken to ensure that Binance Poland sp. z oo has adopted risk and anti-money laundering policies to match these stringent standards.
WAPIC added that their current focus is on successful user migration to the Polish entity and development of local operations.
Expansion into Poland
Binance is currently focusing on successful user migration and on-premise development. It prioritizes local recruitment and talent scouting to enhance its regional presence. According to their website, there are already job openings dedicated to the Polish entity, including compliance, finance and operational roles.
on the flip side
- As of this writing, evidence of quotes from both Kyrylo Khomiakov and Katarzyna Wabik can only be found on Binance.
- Increased regulation in the cryptocurrency industry may stifle innovation and also limit growth in the long term.
- Furthermore, large centralized exchanges such as Binance may have significant market control, which presents the risk of price manipulation.
Why should you bother
Binance sets the standard for all exchanges, and Europe has long been a challenging market for cryptocurrency exchanges. As Binance continues to expand into new territories, it is also increasing the exposure of cryptocurrencies to a wider audience, which is vital to the overall growth and development of the industry.
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