Binance has announced the launch of a new entity in Poland known as Poland sp. z o.o, with its main focus on the Belgium market.
The Belgian Financial Services and Markets Authority (FSMA) recently ordered the company to stop offering its services in Belgium due to violating internal compliance laws.
With the creation of its new entity in Poland, the company will be able to continue offering its services to Belgian residents.
Binance explained that Belgian users will be able to keep using its platform by accepting the terms of use of Binance Poland for Belgian users. In particular, customers might have to resubmit some old information related to KYC to comply with the local regulations.
Binance’s issues within EU
Since its launch in July 2017, Binance has experienced remarkable growth and has become a popular choice for cryptocurrency traders worldwide.
However, most recently, Binance has faced legal issues in EU due to stricter regulation policies. When the exchange exited Cyprus, they said they had plans to fully comply with the European Union’s Markets in Crypto Assets (MiCA) legislation.
However, despite this announcement, they have been pulling its operations out of the EU. For instance, the exchange withdrew its application to BaFin for a crypto license in Germany.
Moreover, Binance is investigated in France for what authorities claim are acts of illegal exercise and aggravated money laundering.
As a result of different problems that forced the exchange to exit some countries or faced lawsuits, Binance is now getting ready to comply with the new European regulations under the recently approved regulatory framework known as MiCA.
