Crypto exchange Binance will serve its customers in Belgium through its Poland unit. In the new arrangement, Belgian users can use Binance Poland to access Binance services.
The move comes after the Financial Services and Markets Authority (FSMA) of Belgium ordered Binance to halt its operations in the country in June. The regulators had accused Binance of offering its services to Belgian customers from countries outside the European Economic Area in violation of the law.
“We are pleased to announce that Binance Poland sp. z o.o. is now the entity that provides Binance services for Belgian residents. By doing this, Binance ensures that it complies with its regulatory obligations and can continue to provide services to Belgian users,” Binance said in a blog post.
Belgian users can continue using the Binance platform by accepting the Terms of Use of Binance Poland for Belgian users. They may be asked to resubmit some of the required know-your-customer (KYC) documentation to comply with Polish regulatory requirements, for which the details will be provided to affected users.
Binance Poland provides crypto exchange and custodian services in Poland under a virtual assets service provider (VASP) license.
Following the Belgian regulators’ order in June, Binance said it was working with the FSMA.
“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,” a Binance spokesperson said in June.
