Kyrylo Khomiakov, Binance's head of Ukraine and Eastern Europe, said the crypto exchange is expanding its presence in Poland and working to comply with local regulations, which will require that Poland-based Binance users sign a new Terms and Conditions with Binance's Polish entity, Binance Poland sp. z o.o. Binance announced that it will also increase its talent acquisition efforts and educational initiatives in the region.
Binance announced in a blog post on Wednesday that it is expanding its operations in Poland while ensuring full regulatory compliance with local standards. Poland is the latest EU Member State to grant registration to Binance, following France, Italy, Spain, Sweden and others.
“The crypto industry needs effective and appropriate regulation to help with mainstream adoption of digital assets. We strongly believe that a stable regulatory environment can support innovation and is essential to establishing trust in the industry and long-term growth,” Khomiakov said. “We welcome the initiatives of the Polish government toward regulation. Working together with regulators globally, we can ensure that consumers are protected while continuing to cultivate innovation and progress. And we at Binance continue improving our security systems and following the strictest KYC requirements in the industry, which enhances the safety of all our users.”
Katarzyna Wabik, Binance’s country manager for Poland, said, "We fully comply with Polish standards for VASPs and make this step to ensure that Binance Poland sp. z o.o. has adopted risk and AML policies to match these exacting standards. Our current focus is the successful user migration to the Polish entity and the development of local operations. We’re also prioritizing local recruitment and talent scouting to help us strengthen our regional presence, organizing more events and delivering crypto education in Poland.”
There are currently roles available in compliance, finance and operations for Binance's Poland entity.
Binance's CEO said in a blog post last year that believing "regulation is bad for crypto" is a "simplistic view," and he believes that well-guided regulations serve to protect consumers while still encouraging growth and innovation in the crypto sector.
Binance holds regulatory licenses and registrations in more than 15 countries across the globe, from Australia to Japan to Canada, according to its website. Binance has a mandatory KYC (know your customer) process that ensures new users agree to comply with all legal and regulatory guidelines, such as laws governing money laundering.