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Binance Poland News: Top crypto exchange Binance on Wednesday said it was improving its local presence in Poland while also announcing full regulatory compliance to local laws. The company said the Binance Poland entity will now operate in the capacity of a virtual asset service providers (VASPs). Also, in line with the compliance to Polish laws, the country’s users registered with Binance are set to sign new terms and conditions to able to continue using the service.
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All For Regulatory Compliance
The company also stressed on its ongoing efforts to hire more staff for Binance Poland. The exchange is looking to strengthen its local presence by recruiting for various roles. Binance made the announcement in a blog that outlined its plans of operation in the coming future. The exchange’s plans to strengthen roots in Europe comes at a time when it faced vulnerable times in December 2022. After Binance faced criticism around lack of clarity about customer deposits, the exchange saw a set of customers withdrawing assets due to fear and uncertainty.
Katarzyna Wabik, a Binance Poland executive, said the company was currently focused on successful user migration to the Polish entity. This also goes along with strengthening of local operations, she said.
“We fully comply with Polish standards for VASPs and make this step to ensure that Binance Poland has adopted risk and anti-money laundering policies to match these exacting standards.”
For Institutional Investments
The news comes following its announcement of plans to allow institutional investors to keep collateral for leveraged positions off of the crypto exchange. The plan will mean that institutional investors would have the ability to post collateral with Binance Custody. The latest measure from the top exchange could be seen as a move to attract institutional investments, which it was deprived of in recent weeks.
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