To keep the Belgian customers under Binance’s umbrella, the Binance team redirects customers to the Binance Poland exchange.
Binance is a top-ranked crypto exchange. At the moment, this exchange is holding the highest number of crypto licenses globally to operate crypto business under compliance with the corresponding jurisdictions.
In June of this year, Binance was ordered by the Belgian regulator to shut down its crypto operations for Belgian customers.
Until that date, Binance was providing services as a non-European Economic Area (EEA) company. Now to maintain the Belgian customer base, the Binance team shifted the customers to Binance Poland exchange.
Binance Poland provides crypto services in Poland on behalf of the virtual assets service provider (VASP). Poland is an EEA member, so it is legal for the exchange to provide Crypto services to Belgian customers via the Polish branch.
The former Belgian Binance customers are also required to submit all the KYC documents to Binance Poland, a mandatory guideline for the crypto exchanges in Poland.
However in this case Binance Exchange somehow managed the situation perfectly but still exchange has been under big legal stress in other several jurisdictions e.g. Australia, Germany, France, The Netherlands, and the United States (US).
Recently the Wall Street Journal (WSJ) published a report on the Binance crypto exchange’s struggle in the Russian jurisdiction. As per the report, Binance is not able to comply with all the rules & regulations perfectly because of the several international sanctions on the Russian Federation.
Last week, the exchange removed 5 Russian banks’ support from the P2P marketplace but reportedly the exchange was supporting the financial activities with the blacklisted banks.
Reportedly a Binance spokesperson responded to this situation and said that there are huge possibilities that Binance may consider to exit the Russian crypto market fully.
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