|

Binance users in Belgium pushed to the Poland exchange due to regulatory hurdles

  • Binance services were halted by the Belgium FSMA in June for providing services to individuals, not in European Economic Area.
  • As a solution, Binance’s Polish arm will now be the primary service provider as it is a registered entity in Poland.
  • Binance users are facing restrictions from the exchange, which banned Russian residents from using currencies other than the Russian ruble.

Binance has been facing regulatory hurdles for a long time now, which has been at its most this year. As the Securities and Exchange Commission (SEC) began pursuing its case against Binance, other countries’ regulatory bodies seemed to be ironing out their kinks with the exchange as well.

Binance Belgium users find a solution in Poland

Earlier in June this year, Binance was asked to halt the offering of services in the country of Belgium. The regulatory authority, the Financial Services and Markets Authority (FSMA) of Belgium, issued the order since the cryptocurrency exchange was providing services pertaining to digital assets to other nations that are not a part of the European Economic Area,

While Binance did note that it was attempting to restart services for the affected users, it took two months for the exchange to come up with the current proposal. Since no subsidiary or new unit could be launched by the exchange, it tapped into its Polish arm to provide services to Belgian users.

Announcing the same in a blog, the exchange stated,

“Belgian users can continue using the Binance platform by accepting the Terms of Use of Binance Poland for Belgian users. We may also ask users to resubmit some of the required know-your-customer (KYC) documentation in order to comply with Polish regulatory requirements.

However, no information regarding the launch of a separate Belgian entity or takeover of another company was announced.

Not too far from Belgium, users in Russia are facing new problems at the hands of Binance itself. The exchange announced this week that Binance P2P banned Russian residents from using fiat currencies other than the Russian ruble.

Furthermore, Russian citizens residing outside of the country have been banned from using the ruble, the euro, the United States dollar and the Ukrainian hryvnia. These users will have to convert their money in these currencies to other currencies eligible for trading on Binance P2P.

Binance is yet to provide a reason as to why these restrictions have been placed since no other sanctions or penalties have been imposed by either the exchange or the Western governments in a while now.


Like this article? Help us with some feedback by answering this survey:


Author

Aaryamann Shrivastava

Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.

More from Aaryamann Shrivastava
Share:

Editor's Picks

XRP defends $1.30 support as Ripple partners with Arf to bring RLUSD settlement liquidity to XRPL

Ripple holds near recently confirmed support at $1.30 on Friday, as bulls eye a short-term recovery toward $1.40. The remittance token’s upside remains capped by structural levels, suggesting recovery would depend on whether buyers can sustain momentum.

Bitcoin Weekly Forecast: BTC extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot ETFs recording $442.67 million in net inflows through Thursday.

Crypto Today: Bitcoin holds the 50-day EMA as Ethereum and XRP face structural resistance

Bitcoin gradually ticks up on Friday, trading above $81,000. The Crypto King has recently defended structural support near $80,000, reinforcing the prevailing bullish outlook. Ethereum similarly edges higher above $2,400, while Ripple trades above $1.32 after testing support around $1.30.

Pi Network holds modest gains as mixed technicals curb upside

Pi Network (PI) price is up 2% on Friday, showing signs of recovery while the broader cryptocurrency market faces near-term weakness. The crypto market sentiment eases to neutral from bullish amid rising long liquidations.

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.