29-8-2023 (BRUSSELS) Binance, the world’s largest cryptocurrency exchange, has established a Polish entity to cater to clients in Belgium, a move prompted by a regulatory directive ordering Binance to cease offering virtual currency services within the country.
In a statement, Binance announced the creation of this new entity, which allows the company to adhere to its “regulatory obligations and can continue to provide services to Belgian users.”
Founded in Shanghai by Changpeng Zhao in 2017, Binance has risen to prominence in the cryptocurrency industry. However, it has also faced increasing scrutiny from regulators seeking to combat money laundering.
In June, U.S. regulators filed a lawsuit against the cryptocurrency exchange and Changpeng Zhao, alleging the operation of a “web of deception.” Binance has asserted its intent to vigorously defend itself against these allegations.
Furthermore, this month, Mastercard made the decision to terminate four cryptocurrency card partnerships with Binance in Argentina, Brazil, Colombia, and Bahrain.
