Binance, the world’s largest cryptocurrency exchange, has devised a strategy to retain its Belgian market following a suspension order by Belgium’s financial market regulator in June. The exchange has redirected all its Belgian users to its Polish branch, which is a registered virtual assets service provider (VASP) in the European Economic Area (EEA). Customers may need to provide some know-your-customer (KYC) documents again to clear all Polish regulatory requirements. However, Binance still faces regulatory and operational challenges in a growing list of countries, including Australia, Germany, France, The Netherlands, and the United States (US). In the US, there has been speculation of an impending lawsuit against Binance by the Department of Justice (DOJ) based on reports of the exchange’s continuous support of sanctioned banks in Russia.In other news, Binance is now considering shutting down its Russian market amid the heavy international sanctions on the Eastern European nation. The exchange had removed five Russian banks from its Peer-to-Peer (P2P) trading platform after reports emerged it still enabled transactions with several blacklisted Russian banks while claiming to follow the set financial sanctions by the international community. Binance is now examining its future considering the existing global scrutiny and regulatory pressure on the exchange, and a company’s spokesman has stated the possibility of “a full exit” from Russia.

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Information	Details
Geography	Europe
Countries	🇧🇪 🇵🇱 🇦🇺 🇩🇪 🇫🇷 🇺🇸
Sentiment	neutral
Relevance Score	8
People	None
Companies	The Wall Street Journal, Binance, Department of Justice (DOJ), US Securities and Exchange Commission (SEC), European Economic Area (EEA)
Currencies	Polish Złoty, Euro, Ethereum, Bitcoin, US Dollar
Securities	None