Binance is now a fully compliant crypto service provider in Poland as it receives Virtual Assets Service Provider (VASP) license from the Polish Tax Administration Chamber of Poland in Katowice.
In a company blog post on Tuesday, January 18th, Binance announced that its entity in Poland was now fully compliant with local regulatory standards for virtual asset service providers, enabling it to provide crypto asset exchange and custody services.
Binance to Enhance Local Presence
Binance has been operating in Poland for a long time but has yet to be provided a license for a virtual assets service provider. In July 2021, the Polish Financial Supervision Authority (PFSA) issued a warning against Binance, cautioning the public about the risks associated with trading on Binance as the exchange was not registered.
The exchange has now been awarded Virtual Asset Service Provider (VASP) registration by the Polish Tax Administration Chamber of Poland in Katowice as Binance Poland Spółka z Ograniczoną Odpowiedzialnością (sp. zo.o.) under the registration number RDWW – 465.
As Blockchain Journal reported, Binance got regulatory approval from the Swedish Financial Supervisory Authority (FSA) just a week prior. Poland’s approval follows France, Italy, Lithuania, Spain, Cyprus, and Sweden.
This means Binance crypto services provided to Polish users are now fully compliant with the regulations of Poland. Polish users registered with Binance now have to sign new Terms and Conditions with Binance Poland sp. to continue using Binance’s services.
Binance Poland’s 2023 plans focus on enhancing the local presence and strict adherence to Polish regulatory standards. Binance said it would prioritize local recruitment and talent scouting to strengthen its regional presence. The Binance job board already lists job openings dedicated to the Polish entity, including compliance, finance, and operational roles.
Katarzyna Wabik, Binance’s Country Manager for Poland, stated:
“We fully comply with Polish standards for VASPs and make this step to ensure that Binance Poland sp. has adopted risk and AML policies to match these exacting standards. Our current 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.”
Amid all the chaos, 2022 proved an excellent year for Binance as it captured 92% of the Bitcoin (BTC) spot market trading and 61% of the entire BTC derivatives market by volume. 2023 is also proving to be a great beginning for Binance.
