Belgian users of cryptocurrency exchange Binance can still access its services through Binance Poland, the company’s regulated arm in Poland. Binance had previously announced its intention to work with Belgian regulators in June, after the Financial Services and Markets Authority (FSMA) of Belgium had requested Binance to cease its services in the country.

According to Binance’s recent announcement, users in Belgium will be required to accept the Terms of Use for Belgian users on the Polish platform in order to access services. There may also be a need for users to submit additional know-your-customer (KYC) documentation to comply with Polish regulations.

The decision by Binance to allow Belgian users to access services through its Polish subsidiary demonstrates the company’s commitment to meeting regulatory requirements. Binance Poland offers cryptocurrency exchange and custody services in accordance with the guidelines for virtual assets service providers (VASPs) in Poland.

Users to Resubmit KYC Documents

Belgian users who wish to continue accessing Binance’s services will need to resubmit their KYC documents as part of the compliance process with Polish regulations. Binance Poland ensures compliance with regulatory obligations while continuing to serve Belgian users.

FAQ

1. Why were Binance’s services halted in Belgium?

The Financial Services and Markets Authority (FSMA) of Belgium requested that Binance stop its virtual currency services in the country. Binance chose to work with Belgian regulators rather than exit the market entirely.

2. How can Belgian users access Binance’s services?

Belgian users can continue accessing Binance’s services through Binance Poland, the company’s regulated subsidiary in Poland. Users will need to accept the Terms of Use for Belgian users on the Polish platform and may be required to submit additional know-your-customer (KYC) documentation.

3. What services does Binance Poland offer?

Binance Poland provides cryptocurrency exchange and custody services in compliance with the guidelines for virtual assets service providers (VASPs) in Poland.

4. Why is it important for Binance to comply with regulatory requirements?

Compliance with regulatory requirements ensures that Binance operates within the legal framework and safeguards the interests of users. By complying with regulations, Binance can continue to provide services in various jurisdictions, including Belgium.

Summary

Cryptocurrency exchange Binance has announced that users in Belgium can still access its services through its regulated subsidiary, Binance Poland. Users will need to accept the Terms of Use for Belgian users on the Polish platform and may have to submit additional know-your-customer (KYC) documentation. By allowing Belgian users to access services through its Polish arm, Binance demonstrates its commitment to meeting regulatory obligations while continuing to serve its users.

Source: CoinJournal