Following an order by the Belgian Financial Services and Markets Authority (FSMA), cryptocurrency exchange Binance announced that the Polish company will offer its services to Belgian citizens.

In a statement made on August 28, Binance announced Binance Poland sp., which registered with Polish regulatory authorities in January. z o.o. He said his company would comply with "regulatory obligations" for Belgian citizens seeking services on the exchange. According to Binance, some users may have to provide documentation in accordance with Poland's Know Your Customer requirements rather than Belgium's.

The statement comes nearly two months after Belgium's financial regulator asked Binance to stop offering cryptocurrency exchange and custodial wallet services, saying it violated the country's Anti-Money Laundering and Anti-Terrorist Financing requirements. At the time, FSMA suggested that Binance could operate in Belgium through “a legal entity governed by the laws of another member state of the European Economic Area [EEA] and duly authorized by the parent member state.” The EEA includes Poland.

Binance, a global cryptocurrency exchange operating through various companies in many countries, has experienced a number of regulatory impasses since its launch. The cryptocurrency exchange stopped its services for Dutch users in July, citing the inability to obtain a virtual asset service provider license. Additionally, Binance, Binance.US, and Binance CEO Changpeng Zhao are facing lawsuits from the United States Securities and Exchange Commission.

The Crypto Asset Markets law, which aims to create a consistent regulatory framework among crypto assets, is expected to come into force in 2024 after being adopted by policymakers. The framework is currently progressing through the consultation phase to seek feedback on technical standards.

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