Last Updated on August 29, 2023 by Bitfinsider

Following a directive from the Belgian Financial Services and Markets Authority (FSMA), the cryptocurrency exchange Binance stated that its Poland subsidiary would start serving Belgian citizens.

In a statement released on August 28, Binance stated that Binance Poland sp. z o. o., a company it created with Polish regulatory authorities in January, would adhere to “regulatory obligations” for Belgian citizens seeking services on the exchange. Some users might be required to provide paperwork in accordance with the Know Your Customer regulations for Poland rather than Belgium, according to Binance.

About two months before to the news, Belgium’s financial watchdog cited violations of the nation’s Anti-Money Laundering and Combating the Financing of Terrorism regulations in ordering Binance to cease providing cryptocurrency exchange and custody wallet services. FSMA recommended at the time that Binance might operate in Belgium through a “legal entity governed by the law of another member state of the European Economic Area [EEA] that is duly authorised by its home member state.” Poland is a member of the EEA.

Binance is a global cryptocurrency exchange that operates through numerous businesses in numerous nations. Since its founding, Binance has encountered numerous regulatory issues. The cryptocurrency exchange stopped serving Dutch users in July, citing an inability to secure a licence as a virtual asset service provider. The US Securities and Exchange Commission has also filed a complaint against Binance, Binance.US, and CEO Changpeng Zhao of Binance.

After being approved by legislators, the Markets in Crypto-Assets law, which aims to create a uniform regulatory framework for crypto assets among the European Union member states, is anticipated to go into effect in 2024. Currently, the framework is going through a consultative phase when technical standards are being discussed.