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  • Writer's pictureConnie Chan

Binance directs Belgian users to Polish arm after clampdown.


Binance directs Belgian users to Polish arm after clampdown.
Binance directs Belgian users to Polish arm after clampdown.

Binance, a well-known cryptocurrency exchange, has come up with a plan to rescue its Belgian market after being issued a suspension order by Belgium's financial market regulator in June. The exchange was instructed to halt its activities in Belgium because it provided crypto services from nations outside of the European Economic Area (EEA).


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Binance directs Belgian users to Polish arm after clampdown. Binance Moves To Retain Belgium Market

Binance has redirected its Belgian users to its Polish branch in order to comply with regulatory requirements and maintain its customer base in Western Europe. As a registered virtual assets service provider (VASP) in Poland, Belgian customers can regain access to the trading platform by agreeing to the Terms of Use of Binance Poland. However, registered users may need to provide additional know-your-customer (KYC) documents to clear all Polish regulatory requirements. More details will be provided to affected customers in due course. Binance directs Belgian users to Polish arm after clampdown.


Despite this solution, Binance still faces regulatory and operational challenges in multiple countries, including Australia, Germany, France, The Netherlands, and the United States. In the US, there is speculation of an impending lawsuit against Binance by the Department of Justice (DOJ) based on reports of the exchange's continuous support of sanctioned banks in Russia. This speculation adds to the increasing scrutiny and concern over the exchange's operations in the US, especially as it already faces 13 allegations from the US Securities and Exchange Commission (SEC).


Total crypto market cap valued at $ 1.07 trillion on the daily chart |  Source: TOTAL chart on Tradingview.com
Total crypto market cap valued at $ 1.07 trillion on the daily chart | Source: TOTAL chart on Tradingview.com

Binance is reportedly contemplating leaving the Russian market due to the country's heavy international sanctions, according to a report by The Wall Street Journal. The Seychelles-based exchange had previously removed five Russian banks from its Peer-to-Peer (P2P) trading platform after reports emerged that it was enabling transactions with several blacklisted Russian banks while claiming to comply with the set financial sanctions by the international community. As Binance evaluates its future in light of the existing global scrutiny and regulatory pressure on the exchange, a company spokesperson has indicated the possibility of a "full exit" from Russia, which has been in the negative spotlight since its invasion of Ukraine in February 2022.


Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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