Binance is reinforcing its efforts to expand in Poland with commitment to full regulatory compliance to the country’s local laws.
On Wednesday, leading cryptocurrency exchange Binance announced that it was strengthening its local presence in Poland and that it had fully complied with all applicable laws.
According to the business, the Binance Poland entity will now function as a provider of virtual asset services (VASPs). Additionally, in order to continue using the service, Polish users of Binance will need to agree to new terms of service in accordance with compliance with Polish laws.
Additionally, the business emphasized its ongoing efforts to expand its staff for Binance Poland. The exchange is hiring for a variety of positions in an effort to increase its local presence.
In a blog post outlining its future operating plans, Binance made the announcement. Plans by the exchange to deepen its roots in Europe come at a time when the market was at a vulnerable point in December 2022.
A number of customers withdrew assets from the crypto exchange as a result of fear and uncertainty after the exchange received criticism for not being clear about customer deposits.
An executive from Binance Poland, Katarzyna Wabik, stated that the company’s current priority is a smooth user transition to the Polish entity. She added that this goes hand in hand with bolstering regional operations.
“We fully comply with Polish standards for VASPs and make this step to ensure that Binance Poland has adopted risk and anti-money laundering policies to match these exacting standards.”
It had previously announced plans to let institutional investors maintain collateral for leveraged positions outside of the cryptocurrency exchange. Institutional investors will be able to post collateral with Binance Custody as a result of the plan.
The top exchange’s most recent action may be interpreted as an effort to entice institutional investments, something it has been lacking in recent weeks.
