• Some customers may be required to provide identification in line with Polish KYC rules.
• Two months earlier, Binance was told by Belgium’s financial authority to cease operations.

Binance stated that its Poland subsidiary will begin serving citizens of Belgium in compliance with a directive from the Belgian Financial Services and Markets Authority (FSMA). Binance said on August 28 that the exchange’s Polish subsidiary, Binance Poland sp. z o.o., which was formed in January with approval from Polish regulatory authorities, would meet the “regulatory obligations” of Belgian citizens seeking services on the platform.

Some Binance customers may be required to provide identification in line with Polish KYC regulations, rather than those of Belgium. About two months prior to the announcement, Binance was told by Belgium’s financial authority to cease operations and custodial wallet services for failing to comply with the country’s AML and Combating the Financing of Terrorism standards.

All Eyes on Upcoming Legislation

At the time, Belgium’s Financial Services and Markets Authority (FSMA) confirmed that Binance may do business in the country by way of a legal company incorporated under the laws of another European Economic Area (EEA) member state and approved by its home EEA member state. Currently, Poland is a member of the EEA.

Binance has lately run into a number of regulatory hurdles. The cryptocurrency exchange stopped serving Dutch customers in July, claiming a lack of a VASP license as the reason. The U.S. SEC has also filed lawsuits against the exchange.

Once passed, the Markets in Crypto-Assets law would provide a uniform regulatory framework for crypto assets throughout European Union member states. This is anticipated to occur in 2024.

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