- Binance users in Belgium can continue accessing services via its Poland-based unit.
- The exchange had revealed plans to work with the Belgian regulator in June.
- Belgium’s Financial Services and Markets Authority (FSMA) had asked Binance to halt services.
Binance has announced that its users in Belgium will continue to access its services via Binance Poland, the crypto exchange’s Polish-regulated arm.
The crypto behemoth’s announcement read in part:
“Binance Poland sp. z o.o. is now the entity that provides Binance services for Belgian residents. By doing this, Binance ensures that it complies with its regulatory obligations and can continue to provide services to Belgian users.”
Users to resubmit KYC documents
To access services via Binance Poland, users in Belgium will have to accept the Polish platform’s Terms of Use for Belgian users. The exchange may also demand that users resubmit know-your-customer (KYC) documentation as part of the process of ensuring compliance with Polish regulation.
The move came about two months after the Financial Services and Markets Authority of Belgium directed that the exchange stop all of its virtual currency services in the country. Rather than exit the Belgian market as it did in other jurisdictions such as Canada, Binance revealed plans to work with the Belgian market regulator.
According to Binance, allowing its users across Belgium to access services and products via the Poland-regulated subsidiary is key to its commitment to regulatory requirements. Binance announced on Monday that its Polish arm offers crypto exchange and custody services as per the country’s guidelines to virtual assets service providers (VASPs).