As per the recent report, one of the biggest cryptocurrency exchanges in the world, Binance, stated that citizens of Belgium will be able to use its services through its Poland division. This news comes two months after an order by Belgium’s financial markets regulator, the Financial Services and Markets Authority (FSMA) to cease every operation offered by the Exchange.
Binance Makes a Solid Comeback
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 this year, would adhere to “regulatory obligations” for Belgian citizens seeking services on the exchange.
KYC Compliance with Poland Regulators
However, some users might be asked to provide information that complies to the Know Your Customer (KYC) requirements for Poland instead of for Belgium, in accordance with Binance.
FSMA Ceased Binance’s Operations in June
Following a thorough investigation by the FSMA into the Binance exchange’s compliance with Belgian laws, the FSMA gave Binance an order to cease its cryptocurrency services in the region in June. It was claimed that Binance has been conducting business in Belgium without having obtained the required approval from the FSMA, which is a necessity for all financial entities there. The regulatory body asserts that Binance has been operating illegally by offering its services from outside the European Economic Area (EEA) and that it neglected efforts to demonstrate its compliance with applicable requirements.
Trouble in Several Countries
Similar problems have been encountered by the exchange in other nations such as Japan and the UK, where authorities have similarly demanded that the company discontinue operations unless they abide by local laws and regulations.
The cryptocurrency exchange has made known that it plans to appoint a European policy officer in response to the difficulties encountered in Europe. Binance has seen a number of difficulties in the European region recently, particularly in France. According to media sources, the corporation is at the center of a French inquiry, which has heightened regulatory pressure.