Bitcoin Forum

With governmental authorisation, Binance can now provide cryptocurrency services in Poland.

I think it's great that the worldwide community is supporting the cryptocurrency industry, this is a significant boost, and I think more nations will follow the present global trend.

https://www.binance.com/en/blog/ecosystem/binance-moves-forward-with-local-development-and-regulatory-compliance-in-poland-1233996135851733478

Binance has been being regulatory compliant all along so it makes me think what's the boost here. Maybe they provided more access to Polish regulators for catching Polish Tax avoiding citizens to get to be "fully" compliant. Taking credit of not being an illegal operation these days however is just weird PR amd tells a lot about how things used to be. I know that working with regulators goes still against for many crypto libertarian ethos but it's the only way forward (and to avoid jail).

They don't really have much choice than to comply to government policies to enable them operate in these countries. What is worth doing, is worth doing well. Binance is determined to be the number one crypto exchange in the world and in other to achieve that they have do what is necessary.
I think people of Poland will be confident enough to trade in binance knowing they have followed all due process. And this is another job opportunity for people over there.

This step by Binance is good for bitcoin publicly. This authorization to operate in Poland would make more people use the currency in that country. They are not authorizing Binance operations because they love or want to support the crypto Industry. But the government's target is to regulate the crypto space, invade privacy and collect taxes. Regulations negate the sole purpose of bitcoin, but for now, I think exchanges are doing more publicity but in the nearest future they might end up having lesser influence. It would be good if other nations that have ban bitcoin changed their stance and maybe embrace regulations instead of an outright ban.

It is a good news (for Binance) but I doubt that this will have any effect on the crypto market. News like this were big maybe 10 years ago but luckily not anymore. Now its just business as usual and CEX doing as much as they can do to suck up to governments to increase their reach (which is understandable).

This time it was also not a compulsion but binance's own initiative.
Binance has indeed won many success stories when lobbying for many financial development programs in several countries. As far as they operate the most worldwide, they seem to be the first crypto company to gain the trust of the government. Last time I heard they were working with the government to build an exclusive bitcoin-friendly area called "bitcoin island" (iirc) in a country in southeast asia (I forget which country).

Remember in years past when the majority said legalizing and taxing marijuana was the no brainer, common sense, stance on cannabis?

It seems crypto is emerging within a similar precedent where governments of the world seek to legalize and tax it to boost economies and tax revenues. We've seen it with spain and other european nations offering "digital nomad" travel visas which would allow crypto whales to reside in country. Tax cuts and other incentives have been offered by other nations in an effort to attract crypto whales.

Its difficult to say how far crypto has penetrated into public consciousness and the degree to which younger generations might have chosen to embrace it. So called "bitcoin maximalists" appear to be taking flak at the moment on social media platforms. With many not being outspoken as to which direction they lean in.

Poland appears to be the latest to hop on the crypto bandwagon in an effort to boost tax revenues and economic stats. Given current conditions and plans to fund resistance against russia. Nations like poland could currently be scrambling to generate revenues as high as possible. Knowing their defense budgets are defined as a percentage of GDP, incentivizes them to devise methods to boost GDP. To increase funds which can be devoted towards defense purposes. In which case, embracing crypto could become a legitimate means of funding resistance against russian expansionism.

The global expansion of Binance is undoubtedly the greatest support for the encryption world, and it is more conducive to the spread of digital currencies. It is a very wise choice for Binance to actively respond to the supervision of governments around the world. This has fully established the status of the world's largest digital currency exchange. What remains to be maintained is that the exchange should not take the initiative to do evil, and not become a tool of capital and politics to ensure the safety of exchange users' funds. This is what I am most concerned about and looking forward to.

I don't think it will have a significant impact on the crypto market globally, because we already know that Binance is used to complying with regulations in the countries they operate in, for example in my country they are working with one of the local exchanges to allow direct depositing of money from local ATMs to the Binance platform.

I wouldn't be surprised if Binance can become the first centralized exchange accepting every countries or almost countries in this world because Binance already get audited and regulated by SEC. Maybe they only not accept few countries that has a problem with NATO e.g. Russia or private country e.g. North Korea.

I don't think it will cause huge boom, Poland doesn't have huge Bitcoin enthusiasts, so it's just a small good news.

Binance is a centralized exchange, and many people may not like it, but admittedly it is the best performing exchange even during this bear season. In addition to the collapse of exchanges like FTX, even Coinbase and Kraken have just halted operations in Japan because of the bear market. But meanwhile, Binance is recruiting more employees to expand the market. Show that they are a powerful force in the market, but I wouldn't be too fond of Binance getting bigger and bigger, leading to a market monopoly, and they will easily manipulate everything.

Quite impressive. Binance now holds a licence in several countries on various continents. In Europe its seven licences already:

1. Binance France SAS


2. Binance Italy S.R.L


3. Bifinity UAB Lithuania (formerly called Binance UAB)


4. Binance Spain, S.L


5. Binance Cyprus Limited


6. Binance Nordics AB (Sweden)


7. Binance Poland Spółka z Ograniczoną Odpowiedzialnością


Source: https://www.binance.com/en/legal/licenses

In addition, Binance holds further licences in Kazakhstan, Abu Dhabi, Bahrain, Dubai in the Middle East. Additionally in Australia, Japan, New Zealand in the Asia-Pacific region. One licence in Africa, namely South Africa and one licence in North America in Canada. The business with US clients is spun off into a separate company, Binance US.

Honestly impressive, if you ask me. No wonder Binance dominates the crypto market. As a global company, they really are everywhere in the world.

They want more things in Poland, so like it or not they also have to comply with the regulatory standards that exist in Poland.
At least there are a number of requirements that must be complied with by users there so as not to cross the boundaries of the regulations that exist there.
At least this makes it possible to actually be profitable because with this the local government could be more literate about Crypto, but on the other hand, several conditions must also be seen whether this will be profitable or not for users there.

Are you Polish? Because otherwise I can't understand such enthusiasm.


Yes, it is impressive that a thing called the Union, instead of being a unit for many things, is a gluing together of watertight compartments. It's the same with bookmakers, if you have a bookmaker and you want to operate in EU territory, you have to apply and if you are granted a licence you have to pay for a licence in practically every country, instead of just one licence for the whole of the European Union.

This means an excessive multiplication of bureaucracy and fees, in addition to compartmentalising the market, which is certainly not going to put the EU at the forefront of innovation in the crypto world.

It's a win for Binance and isn't really a win for the crypto market, this is just a normal news and won't have a significant impact on the crypto market. I see you're excited, are you a Binance employee?



I don't think that Binance is regulated by the SEC, and one more thing is that the Binance audit was suddenly stopped in 2022, and everything seems to have gone into oblivion. It looks like Fuds is trying to bring down Binance, or there are hidden truths behind it. No one knows. I also followed that news for a while and forgot about it because of other events.

As a centralized entity on a hardly regulated cryptocurrencies ecosystem, it is expected that Binance as a supposed leading company of exchange will comply in any country that requires extensive requirements of regulations or licenses. Binance should have affirmed with any country' request since they are dealing directly with a government compliant. I believe the recent FTX fiasco will make the cryptocurrency ecosystem getting scrutinised, henceforth, a regulation will be strictly enforced by any countries that deem its urgency.

Nevertheless, this news is just casual crypto news, not a piece of breaking news that sensationalized the market.

Instead of giving space to a centralized exchange that is legally backed by the government in other words there will be data access to know who owns the largest assets in the country and you hand them all over to a centralized exchange. Well, good news for those who like transparency and don't care about their ownership one day they will get a bigger tax bill than usual before a centralized exchange is given a license to operate.

Hooray!

Yet with caution, hate to be the wet blanket, but holding these licences won't mean much if regulators don't like what you're doing, and if the lessons of NEXO, Genesis and Gemini over the past year are anything to learn from, it's that these FI licences allow for very specific activities. What got all those three in trouble (litigation ongoing) is that they also provided interest-bearing accounts.

Binance does the same (Savings) and actually a lot, lot more... those licences won't save them if someone anti-crypto sits up and takes notice.

We haven't moved beyond 21k with this news. It's "that" important, great for Polish people who want to use binance, but that's literally as small of a niche as you can find for a good news. How many Polish people who didn't have a method of buying bitcoin, that ended up having a method of buying bitcoin thanks to Binance being available to them? Not many people, not a lot of money to begin with, hence why the price doesn't move.

I have to say that people are overreacting to the smallest good or bad news based on the momentum, if it's going up, the smallest things look like they could be huge, and when it's bad, then smallest bad things could look like the worst thing ever.

This is why whenever i do hear up with some recognition or positive news then i dont really make myself believe that it would definitely be giving out some positive impact towards market price.
Its not always the case if we do talk about fundamentals because we know that whether it would be affecting or not there's no way for us to find out on what would be its future movement.
This is why whether positive or negative news then it wont really be making myself that much affected, its up to the public on what would be their reactions to it but
it wont be surprising if ever they would really be that significant.

Binance is an exchange on its own, having it authorized by a country doesn't affect the price of bitcoin or the crypto market generally.

It is a fantastic thing that the Polish government has given Binance full permission to operate there. This demonstrates that the government fully embraces bitcoin.

There are still more nations where Binance is establishing a reputation as one of the most reliable cryptocurrency exchanges, in addition to Poland.

It is indeed  a good step for cryptocurrency adoption that Poland licensed Binance.  I think this will give boost to the current market and speed up Bitcoin awareness and Bitcoin promotional campaign. 


Indeed this might be a good counter to some FUD that is starting to lurk the internet.


Small steps, small niches, when put in together can make a huge impact.  Besides, it is better to have these small steps than nothing at all.

They're potentially on the way to a monopoly which gets dangerous because they begin to apply too much market on crypto, and of course if they collapse then it will take Bitcoin with it.

Unfortunately it seems centralized exchanges are the only way normal citizens prefer to dabble in crypto. Bitcoin isn't adopted to the point that someone could easily take fiat currency and swap it in a P2P transaction without having intermediary exchanges involved.

Binance aims to conquer the whole universe so this is not really new to us as Poland is also their target since the crypto exchanges and trading here are widely legal. Well, aside that it’s an advantage for Binance to be trusted internationally, also this will create more crypto job opportunities for people in Poland including trading and investing.

A good step taken by Binance, considering that Binance has almost controlled all existing territories, there is no choice but to accept and comply with government policies in order to operate legally in Poland, this reflects Binance's seriousness in serving part of the needs that are intended for anyone and maybe they have also given beneficiary access to some monitoring policies, so the potential for Binance to grow and develop will be even greater in the future in Poland.

This good news will make crypto supporters in Poland even more comfortable in transacting using Binance, because now they are operating legally in the area, but if this news is real and has been approved by several government options.

A lot of policy compliance must have gone underground for such acceptance by the Polish government for binance to operate in their territory but it's all good looking at it on the brighter side as it will encourage more polish citizens to get involved in crypto boosting a wider acceptance and usage, and know for themselves the advantageous differences between centralized exchanges and decentralized.

Even though binance is a centralized exchange, taken that away from them I can boldly applaud them for taking crypto to places and spreading the awareness.

This news won't really boost the crypto market in a significant way since Poland isn't a major market op. This change helps polish citizens, but doesn't really affect people residing in other countries around the world.

Sad to see more and more crypto sites giving in to regulatory demands, but it's understandable for various reasons.

I must admit that I like what Binance is doing. They are knocking on the doors of many countries in order for them to operate legally and within authorities' specific regulations. This is probably one of the secrets to the longevity of Binance at the top. Prior to them, there was Poloniex then Bittrex, and then the Korean, Chinese, and Japanese exchanges that also made it to the top. But Binance has remained at the top for some years now. Maybe it will be toppled soon but I just hope it is not the way FTX lost its ranking.

With the fast expansion of Binance, people will also come to realize it that crypto is here for good so why not make use of it than to focus on fiat alone when in fact it’s value is now seen depreciating. And maybe Poland has also seen this coming that’s why they give their full support for Binance so it can provide best services in their own country. Polish people will also benefit crypto and Binance in the long run.

Binance is the most successful and leading crypto exchange all over the world. So it’s far to expect that it won’t be successful in Poland unless the government itself is giving it a hard time to start its business and offer cryptocurrency services. But I don’t see it that way based on the news, Binance is even fully supported worldwide and this could mean another huge success conquering Poland and all its citizens.

Although the news is not really a huge significant to the crypto market, but i would say it’s better than having nothing done. At least, this will pave way for people to get involved with crypto and this will open their eyes later on that having a decentralized exchange is way better than those decentralized ones. But I’m glad how Binance has managed to be successful nationwide, at least we know it’s also bringing more popularity for crypto.

Any positive news would be always positive whether it would be giving out some significant impact on the market or not but in terms of recognition then it would be always that considerable.

Juist bare up in mind that not all news would really be affecting crypto space.Most of the time it would really be just good as plain news and nothing more but in overall which it do shows that
Bitcoin or crypto space is really getting that attention that we do really need to see up.

Hope that there would be more positive news and events that correlate with Bitcoin or entire crypto space on upcoming years.

Indeed, Binance is a leading & respected exchange in crypto industry with highest trading volume & largest variety of trading pairs available on its platform. The permission granted by Polish government to Binance to provide investment and trading services to polish citizens, is a positive development, which is welcome move towards creating awareness  and demand of crypto currencies in the country, however the price of Bitcoin and other crypto currencies is influenced by many factors, including overall technological development & advancement in crypto space, condition of global economy, interest rates and market sentiments, driven by technical factors like oversold or overbought position of market.

I think the idea of Binance being at the top is the reason why we trust it, not that Binance itself is not trustworthy, it is trustworthy for sure but it should be trustworthy for their security and history and their cold wallets and so forth which are real reasons why people would put their money in there with ease without worrying about any hacking, not because they are top ranked.

So, anyone who puts their money in there because of the ranking do something wrong but also do the right thing as a result. It's like math exams, you do wrong calculation and then luckily end up on the right result, sometimes it happens so it's okay but it's better to know the real way.

Yes they need that in order for them to be available in many countries, I think Binance CEO came to our country last year have some talks but I don't know if what is the purpose for that, maybe for them to be legally available in here? because this country is not yet open to crypto and they treat it as a threat for our economy and for the whole nation. That's good actually, if they want to reach for more people they need to get approval from the government as well.

If Binance would comply with all the requirements for countries' approval, more countries could experience the benefit of their cryptocurrency services. Recently, Binance has been facing issues in our country since they can't comply with the requirements being asked by our government but so far, we're still able to use Binance freely here.
We can't question why most traders prefer Binance because it's the most trusted exchange so far so people will always choose it not just because it's a top exchange but also to the good service that they provide.

But I hope it is not only binance to do the same thing, also ither exchangers to make adoption of this technology faster and for more people to benefit from this industry. Many countries are aware of the existence, advantages and disadvantages of using this blockchain on transactions but majority chose to be neutral because they probably worried that their people could be at risk by promoting it to them. The market prices are too volatile even at this point which could be a problem with regards to general market equality of prices, wherein it could result to losses at some times especially during market downfall. Non-crypto users will surely have a hard time which I think governments are also considering and also, taxation. But let us look up into it, in the future, for developments.

Binance are practically playing a nice role in the expansionism of crypto for wider acceptance internationally and as such they should be commended. This also goes a long way to cementing some bricks of more trust on their capacity as a centralized exchange platform. It's a welcome development.

One thing I had notice about exchanges is that, they mainly among the thing that push about the adoption of Bitcoin all around the world. Bitcoin is becoming popular and new people are starting to learn about Bitcoin because of many of these exchanges that had been spreading the reasons why many people need to have a crypto holdings.

Since the creation of exchange to help to the great and adoption of Bitcoin, there had been a continuous patronage of Bitcoin wanting to have Bitcoin in there portfolio. I hope the good news would continue and more investors would join the crypto race.

This is why Binance is still the leading crypto exchange as they continue to reach many people as much as possible, also they assure everyone about the safety of their funds which I believe one of the reason why many still trust Binance. With this new expansion for Binance, many will start to actively invest on crypto with a help of Binance, probably one of the good reason why the market is getting better right now.

I would say that Binance is living at its own advantage, and it has now even become greater with the government supporting its business expansion. Although when we say centralized, it’s never reliable like decentralized did, but the fact that it could pave way to gain greater attention from the citizens, then I think Binance is also doing a great job. My only hope is that Binance will never end up just like FTX, reputable but not reliable enough.

I do agree that it would be good for Poland and not just for Binance. In fact, this is more important for Polish people than it is important for Binance, because in the end Binance could have gone without Poland and they would still be the biggest exchange in the world, but this way Polish people would get to use the biggest crypto exchange in the world without worrying about using some terrible exchange.

Definitely a good thing for them and definitely would help out a lot for everyone as well. I am not saying that there is a trouble with anything regarding Binance being accepted, because it would be a good thing in the end, but it is better for Poland than Binance for sure.