Binance, the world’s largest cryptocurrency exchange, has set up a Polish entity to serve clients in Belgium. This follows an order by Belgian regulators to halt the offering of virtual currency services in the country.
In a statement, Binance said that the new entity will ensure that the company follows regulatory obligations necessary to provide services to Belgian users. The statement confirmed that Binance is compliant with current regulations.
Binance was founded in 2017 by Changpeng Zhao in Shanghai, and has quickly become an industry leader. However, Binance has faced regulatory scrutiny due to concerns of money laundering. Alarmingly, U.S. regulators took legal actions in June, suing Binance and Zhao for allegedly establishing a “web of deception”.
Moreover, Mastercard (MA.N) has decided to end four cryptocurrency card partnerships with Binance in Argentina, Brazil, Colombia, and Bahrain this month.
Altogether, Binance is taking steps to remain compliant with regulations and provide services to its Belgian users. As an exchange leader in the cryptocurrency industry, Binance promises to create a safe, secure trading space. As one of Binance’s spokespeople, Changpeng Zhao, states: “Our goal is to comply with our regulatory obligations and provide services to Belgian users.”