According to an announcement, Binance is now fully compliant with Polish regulations and is expanding its local presence there. According to the company, the Binance Poland entity will now function as a virtual asset service provider (VASP). Users in Poland already registered with Binance will need to agree to additional terms and conditions to continue using the service per Polish legislation.
The firm also highlighted its ongoing efforts to employ additional staff for Binance Poland. Per the announcement, the Exchange is actively seeking qualified candidates for a variety of roles in order to bolster its local presence.
Executive Katarzyna Wabik from Binance Poland stated that the company’s current efforts are concentrated on ensuring a smooth transition of users to the Polish branch. According to her, this also goes hand in hand with strengthening local operations.
“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,” Katarzyna said.
The announcement comes a day after Binance burnt 2,064,494 BNB tokens. This was a part of its 22nd quarterly BNB burn. Binance burnt 1.3% of the total BNB supply, worth $617,696,701.
Developments continue
Further, Binance Custody, an institutional-grade digital asset custodian that is both compliant and regulated, has introduced a product called “Binance Mirror.” Binance Mirror is an institutional-friendly alternative to the traditional Binance Exchange settlement model. It avoids the need to “post collateral directly on the exchange.”
Through Binance Mirror, financial institutions can use Binance’s liquidity to place their assets in “segregated cold storage.” For institutional investors, Binance Custody’s cold storage option provides a 1:1 balance with their Binance Exchange account.
