Article 6E9MC Binance Arranges Polish Entity for Belgian Residents After Regulatory Action

Binance Arranges Polish Entity for Belgian Residents After Regulatory Action

by
Damien Fisher
from Techreport on (#6E9MC)
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The largest crypto exchange globally by market cap, Binance has arranged for a Polish entity to offer services to its customers in Belgium.

The exchange ventured into this development after receiving an order from Belgium's regulator to stop providing digital currency services in the country.

According to its statement, Binance noted that the Polish firm will comply with all laid out standards.The entity will satisfy all of Binance's regulatory obligations in Belgium as it continuously offers digital asset services to its users within the country.

Binance Launches Polish Entity to Align with Regulatory Requirements

Binance stated that its affiliate branch, BNB Poland, has become its selected entity to carry on virtual asset services for its Belgium residents.

This new move will help the exchange to remain in compliance with all local regulatory demands within Belgium while serving its clients. According to Binance's announcement, all its Belgium customers are expected to continue their activities on the BNB platform by accepting the Terms of Use of Binance Poland.

Additionally, the users may have to resubmit some of the stipulated documentation on Know Your Customer (KYC). This will ensure complete compliance with Polish regulatory standards for all virtual asset service providers (VASPs) in the country.

Also, Binance promised to provide more details to all affected Belgium users. Following its new plan for its Belgium users, Binance will continue to serve its clients as it complies with Belgium requirements. Since its inception in 2017, BNB has ascended to become the leading centralized digital asset exchange across the globe.

Binance Under Regulatory Scrutiny

Belgian financial regulator, the Financial Services Markets Authority (FSMA) ordered Binance to halt all its digital asset services in the country. The order on Binance was among a larger crackdown on crypto exchanges by the FSMA as reported by Reuters.

The agency has mentioned the risks of crypto scams, terrorist financing, and money laundering related to crypto trading.

Besides the FSMA, BNB has been under tough pressure from regulators from other countries. Their concerns are centered on the increasing money laundering activities with cryptocurrencies, resulting in intensified security to reduce crypto-related scams.

One such agency is the United States Securities and Exchange Commission (SEC), which has been investigating the exchange for probable securities violations.In addition, some nations like Japan and the United Kingdom banned Binance from operating within their jurisdiction.

Despite the unfriendly relationships with some financial regulators globally, Binance has maintained its stance as the world's leading crypto exchange. Notably, the exchange has recorded almost $10 billion worth of assets in its cumulative trading volume within the last 24 hours.

Also, the exchange has been implementing moves to enhance its compliance with regulators in the past few months. BNB hired several former regulatory personnel into its compliance team and even launched new offices in countries where it has been previously regulated.

In late June, the exchange established a new compliance campaign called the Binance Compliance Initiative."This program was created to enable the exchange to align with global regulations. In addition, Binance is planning to acquire regulatory licenses in key countries.

The post Binance Arranges Polish Entity for Belgian Residents After Regulatory Action appeared first on The Tech Report.

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