FSMA press release regarding Binance

The FSMA has issued a press release regarding Binance’s recent decision. Binance has chosen to discontinue its services from a non-EEA country to its Belgian clients, offering them the option of transitioning to Binance Poland in compliance with Belgian law.
The FSMA has emphasized that client transfers to Binance Poland should be conducted through individual agreements with each client. For clients who decline this transfer, Binance is required to facilitate the transfer of their assets to a platform within the European Economic Area (EEA) that is authorized under national legislation to operate in Belgium.
Furthermore, the FSMA has conveyed several key points:
Exchange services between virtual currencies and fiat currencies, as well as wallet custody services (referred to as VASPs) within the EEA, currently lack comprehensive regulation, except in relation to anti-money laundering and counter-terrorism financing measures.
The regulatory framework for activities involving virtual currencies varies across different European states until the implementation of the MiCA Regulation.
Binance Poland is subject only to obligations outlined in the 5th Anti-Money Laundering Directive. The registration process with the Polish Ministry of Finance is straightforward, taking 14 days, and requires standard information and a declaration of accuracy from the VASP applicant. Unlike some other EEA countries, there are no prudential requirements or fitness assessments for directors or senior managers during the registration process in Poland. Of note, the Polish Financial Supervision Authority (the KNF) does not currently possess regulatory authority over Binance Poland.