Aaryamann Shrivastava
FXStreet
- 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.
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