Binance Confirms Regulation in Poland as UBS Blasts Regulators

2 mins
18 January 2023, 18:30 GMT+0000
Updated by Ryan James
18 January 2023, 18:30 GMT+0000
In Brief
  • The Union Bank of Switzerland chairman is awaiting a regulatory framework to accommodate their clients.
  • Binance is now fully compliant with local regulatory standards in Poland.
  • It now has regulatory approvals in over 16 jurisdictions worldwide.
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Binance moves ahead with crypto regulations by getting approvals in Poland, while the UBS chairman lashed out at regulators.

Since the FTX blowup, the crypto regulations have been the primary focus of the regulators to protect investors. Furthermore, there are also demands from investors and institutions for regulatory clarity on the asset class.

Colm Kelleher, the chairman of the Union Bank of Switzerland, lashed out at regulators for taking their “eyes off the ball” from the non-banking sector. At the same time, Binance announced getting regulatory compliance in Poland.

UBS Chairman Awaiting Crypto Regulations to Accommodate its Clients 

Colm Kelleher expressed his frustration on the regulatory scenario for the non-banking sectors at a panel discussion during the World Economic Forum.

According to a Reuters article, the UBS chairman agreed that banks and insurance companies are well-regulated and systematically safe. But, he believes that regulators must go further to eradicate risks from the non-banking sector.

Regarding the recent turmoil in the crypto market, Colm Kelleher warned that such a scenario “will come back in one form or another,” without proper crypto regulations.

On behalf of UBS, he said, “We are looking for the regulatory framework that will allow us to accommodate that for our clients.”

BeInCrypto writers believe that an increase in crypto regulation seems inevitable in 2023.

Binance Gets Regulatory Green Flag in Poland

The Changpeng Zhao-led exchange announced today that its Poland entity is fully compliant with local crypto regulatory standards. The Polish citizens will have to sign new Terms and Conditions to continue using Binance’s services.

Kyrylo Khomiakov, Binance’s head of Eastern Europe, welcomes the initiative of the Polish government toward crypto regulations. He says, “The crypto industry needs effective and appropriate regulation to help with the mainstream adoption of digital assets. We strongly believe that a stable regulatory environment can support innovation and is essential to establishing trust in the industry and long-term growth.”

Earlier this month, Binance got a regulatory license in Sweden. It now has regulatory approvals in eight European Union countries and over 16 jurisdictions worldwide.

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BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.