- Binance’s Poland entity will continue providing services to Belgian users, despite a ban imposed by the Belgian Financial Services and Markets Authority in June
- Binance Poland, registered with Polish authorities in January, will comply with regulatory obligations for Belgian residents
- The exchange has faced crackdowns in Europe and the US but is enjoying more luck in the Middle East
Binance has announced that its Poland entity will continue to serve Belgian users following a ban by the Belgian Financial Services and Markets Authority (FSMA) in June. In an announcement yesterday, Binance stated that Binance Poland sp. z o.o., which was registered with Polish regulatory authorities in January, will adhere to the “regulatory obligations” for Belgian residents seeking services on the platform. Binance said at the time of the Belgian ban that it was “reviewing” the order but it has so far declined to fight it.
FSMA Offered Binance Workaround
Belgium’s financial regulator issued Binance with a cease and desist order two months ago, citing violations of the country’s Anti-Money Laundering and Combating the Financing of Terrorism rules. This led to Binance being unable to offer cryptocurrency exchange and custody wallet services in the country, although it believes it has now found a workaround.
FSMA had previously indicated that Binance could potentially operate in Belgium via a “legal entity governed by the law of another member state of the European Economic Area [EEA] that is duly authorized by its home member state.”
Given that it is part of the EEA, Poland fits the bill nicely, although Binance has said that some users may be required to submit documentation based on Know Your Customer requirements for Poland instead of Belgium.
Winds of Change Continue to Blow
Binance has faced a crackdown on both sides of the Atlantic in the past year or so, with American and European authorities alike clamping down on their citizens’ access to the exchange.
However, the exchange is faring better in the Middle East, having gained an operational license in Dubai last month.
