Binance is now Fully Complaint with Polish Regulatory Standards
- Leading crypto exchange Binance’s Polish arm is now fully compliant with all the local laws and regulations.
- The customers of the exchange will now have to sign new Terms and Conditions with the exchange to continue using the platform.
- The firm has also prioritized the hiring of local talent and certain available positions have been reserved for the Polish.
- There are also plans of migrating local users from the main exchange to the local exchange.
Although the prevailing crypto winter has got all investors and crypto firms scared about their businesses and investments, the world’s largest crypto exchange by trading volume, Binance, continues to make new headlines each day with its expansion plans. As per a new announcement, the leading exchange is now fully compliant with Polish regulatory standards for virtual asset service providers.
According to the official announcement, ”Binance’s priority is providing users with the best and safest experience possible,” and the exchange is now fully compliant with all the local laws and regulations. Therefore, all the customers of the exchange can use the platform without stressing over the regulatory issues that have surrounded centralized crypto exchanges (CEXs) recently.
The customers of the Polish arm of the exchange, Binance Poland sp. z o.o., were assured regarding the firm’s “strict adherence to Polish regulatory standards,” and as a part of this regulatory compliance, they will now have to sign new Terms and Conditions with the exchange. If they don’t, they will not be able to operate the platform and will lose access to their accounts.
On the other hand, the Head of Ukraine and Eastern Europe at Binance, Kyrylo Khomiakov, said that “the crypto industry needs effective and appropriate regulation to help with mainstream adoption of digital assets.” He added that the exchange believes that “a stable regulatory environment can support innovation and is essential to establishing trust in the industry and long-term growth.”
“We welcome the initiatives of the Polish government towards regulation. Working together with regulators globally, we can ensure that consumers are protected while continuing to cultivate innovation and progress. And we at Binance continue improving our security systems and following the strictest KYC requirements in the industry, which enhances the safety of all our users,” Khomiakov added.
Binance’s Country Manager for Poland, Katarzyna Wabik, stated that there are also plans to recruit local talent, which is also their top priority. Additionally, he stated that Binance Poland sp. z o.o. aims to migrate local users from the main exchange to the local exchange along with the development of local operations.
Moreover, the blog post also confirmed that certain available roles have been dedicated solely to the Polish entity, “as part of Binance’s commitment to expanding local operations within the country.”
Recently, Binance also debuted a service that allows institutions to hold their crypto in cold storage to ensure the safety of their funds and improve the confidence of these institutions in the crypto space. The new service is titled “Binance Mirror,” and the assets belonging to institutions will remain secure in their segregated cold wallet for as long as their Mirror position remains open on the exchange.
Additionally, last week, the CEO of the world’s largest crypto exchange, Changpeng Zhao, also known as CZ in the crypto space, stated that he plans to increase the workforce of his firm by 15-30% in 2023. The executive also confirmed that his firm’s Swedish arm, Binance Nordics AB, had received this green signal from the local authorities after “months of constructive engagement” and is now registered as a financial institution in Sweden.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
