Binance Poland is registered and CoinDeal disappears from the market

The largest cryptocurrency exchange in the world - Binance – has just announced that it is already officially registered by the National Revenue Administration in Poland and will operate as Binance Poland sp. z o.o. Meanwhile, another competitor disappears. The CoinDeal exchange, created by Poles, does not collapse, but withdraws from the market, which has already informed customers.

Binance sp. z o. o. - What does this mean for customers?

The register of activities in the field of virtual currencies is kept in Poland by the National Revenue Administration (KAS). And the Binance exchange, which continues its authorization rally in Europe, has just been added to it. Previously, all formalities had been completed in Italy, France, Spain, Sweden, Lithuania and Cyprus.

All Polish users will therefore now be encouraged to sign new agreements with Binance Poland sp. z o.o

– The cryptocurrency industry needs effective and appropriate regulation to help the adoption of digital assets in the broad economy. We strongly believe that a stable regulatory environment can foster innovation and is essential to establish trust in the industry and long-term growth of the overall market – emphasizes Kyrylo Khomiakov, director of Binance in Eastern Europe.

Binance Poland will comply with the same regulations as online exchange offices or forex brokers and CFDs.

– We fully comply with Polish VASP standards and are taking this step to ensure that Binance Poland sp. z o.o. has adopted a risk and AML policy that meets these demanding standards. We are currently focused on successfully migrating users to the Polish entity and developing local operations. We are also prioritizing local recruitment and talent spotting, which will help us strengthen our presence in the region by organizing more events and providing cryptocurrency education in Poland – informs Katarzyna Wabik, Country Manager of Binance in Poland.

Binance is expanding, CoinDeal is collapsing

Surprising information appeared on the website CoinDealone of the smaller competitors Binance. this giełda kryptowalut today sent information to its customers that in a month ... it will close its business!

– We have decided to close our exchange on February 19, 2023. Please treat this message as termination with the 30-day notice period specified in the Regulations. If necessary, sell all your cryptocurrencies and delist them from the exchange by that date – we read in the announcement of the CoinDeal cryptocurrency exchange.

It's worth hurrying, because after this date the site will be turned off. Although you will still be able to contact support, payouts will not be processed immediately. Initially once a week, then once a month.

February 19, 2023 is also the cut-off date for downloading the transaction history for tax purposes.

Won't you withdraw cryptocurrencies? They will start to disappear

It is worth withdrawing funds not only for pragmatic reasons, but also for financial reasons. A month after the stock exchange closes, the collection of penalty fees will begin. There will be funds every month depleted by 10%. And all in accordance with the regulations, which probably most investors have not read so thoroughly. So, if the exchange's customers do not take action, they will lose 10% of the value of their tokens or currencies every month and finally on December 19, 2023, all funds will be irretrievably lost and no withdrawals will be possible.

CoinDeal closes to keep from crashing?

But why the decision to close CoinDeal? After all, we know from history mainly spectacular collapses, not civilized liquidations of business. The company explains that it wants to limit the risk of insolvency in uncertain times for cryptocurrencies. Because she stopped earning.

“Unfortunately, we are no longer profitable and although we have sufficient reserves from previous years (and they are 100% secured), we wanted to prevent possible problems in the future. Since 2020, all our attempts to attract investors have been poorly planned and held back by COVID, the Russian invasion of Ukraine or the collapse of FTX/Celsius/Blockfi – we read in the communiqué of the stock exchange.