Binance taps Polish arm to continue serving Belgian users

Quick Take

  • Binance Poland will provide the necessary legal compliance for Belgian Binance users. 
  • The move comes after a Belgian regulator ordered Binance to halt services in the country in June.

Crypto exchange giant Binance is using its Poland unit to continue serving its customers in Belgium. 

Belgian users must accept Binance Poland's Terms of Use and resubmit know-your-customer documentation as a part of Polish regulatory requirements to keep using the Binance platform.

"By doing this, Binance ensures that it complies with its regulatory obligations and can continue to provide services to Belgian users," Binance wrote in a Monday blogpost.

"Binance Poland is able to provide crypto exchange and custodian services in line with its registration as a virtual assets service provider in Poland," the company continued.

Belgium's June order

In June, the Financial Services and Markets Authority of Belgium ordered Binance to halt virtual currency services in the country due to Binance providing virtual currency, legal currency and wallet custody services for individuals not in the European Economic Area.

Binance said it was working with the FSMA after receiving the order from the Belgian regulator.

A company spokesperson said at the time that it was disappointed by the news.

"We are disappointed to learn that the FSMA has come to this decision despite our ongoing conversations. We are reviewing the details of their notice and will continue to work collaboratively with regulators in Belgium and around the world in compliance with our obligations," the spokesperson said in June.

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