Financial and Business News

CoinEx's VASP Authorization in Poland Targets European Crypto Market

Monday, 13/05/2024 | 12:19 GMT by Tareq Sikder
  • Established in 2017, the firm is catering to over 5 million users worldwide, spanning 200 countries.
  • A proposed law in Poland will allow the KNF to freeze crypto accounts for up to 96 hours.
poland flag
poland

CoinEx, a global cryptocurrency exchange, has recently announced that it has obtained authorization as a Virtual Assets Service Provider (VASP) in Poland. This development is anticipated to strengthen CoinEx's standing within the European cryptocurrency market.

VASP Authorization in Poland for the European Crypto Market

This represents a stride in CoinEx's strategic expansion efforts within Europe. The company acknowledges the vast potential inherent in the European cryptocurrency market and remains focused on furnishing a secure and user-friendly trading environment for investors and traders alike.

Haipo Yang, CoinEx's CEO, commented: "Obtaining the VASP registration in Poland is a testament to our unwavering dedication to providing a secure and regulated trading environment for our users. We are thrilled to expand our operations in Europe. This achievement reinforces our commitment to driving the global adoption of cryptocurrencies and fostering the growth of the digital asset ecosystem."

CoinEx, established in 2017, is a global cryptocurrency exchange focused on facilitating trading with a variety of services for over 5 million users across 200 countries and regions. The firm has listed over 1,000 tokens and more than 1,400 trading pairs, enabling users to access a wide range of cryptocurrencies.

Aligning with EU MiCA Regulation for Cryptocurrency

Meanwhile, Poland's cryptocurrency market faces increased oversight with the impending adoption of the European Union's Markets in Crypto-Assets regulation into domestic law, as reported by Finance Magnates.

The proposed legislation grants the Komisja Nadzoru Finansowego new powers, including the ability to freeze cryptocurrency accounts for up to 96 hours on suspicion of criminal activity, extendable to six months with prosecutorial consent. However, concerns arise among investors regarding the lack of clarity surrounding the grounds for account freezes, potentially leading to uncertainty and misuse of regulatory authority.

CoinEx, a global cryptocurrency exchange, has recently announced that it has obtained authorization as a Virtual Assets Service Provider (VASP) in Poland. This development is anticipated to strengthen CoinEx's standing within the European cryptocurrency market.

VASP Authorization in Poland for the European Crypto Market

This represents a stride in CoinEx's strategic expansion efforts within Europe. The company acknowledges the vast potential inherent in the European cryptocurrency market and remains focused on furnishing a secure and user-friendly trading environment for investors and traders alike.

Haipo Yang, CoinEx's CEO, commented: "Obtaining the VASP registration in Poland is a testament to our unwavering dedication to providing a secure and regulated trading environment for our users. We are thrilled to expand our operations in Europe. This achievement reinforces our commitment to driving the global adoption of cryptocurrencies and fostering the growth of the digital asset ecosystem."

CoinEx, established in 2017, is a global cryptocurrency exchange focused on facilitating trading with a variety of services for over 5 million users across 200 countries and regions. The firm has listed over 1,000 tokens and more than 1,400 trading pairs, enabling users to access a wide range of cryptocurrencies.

Aligning with EU MiCA Regulation for Cryptocurrency

Meanwhile, Poland's cryptocurrency market faces increased oversight with the impending adoption of the European Union's Markets in Crypto-Assets regulation into domestic law, as reported by Finance Magnates.

The proposed legislation grants the Komisja Nadzoru Finansowego new powers, including the ability to freeze cryptocurrency accounts for up to 96 hours on suspicion of criminal activity, extendable to six months with prosecutorial consent. However, concerns arise among investors regarding the lack of clarity surrounding the grounds for account freezes, potentially leading to uncertainty and misuse of regulatory authority.

Topics
CoinEx
VASP
crypto
poland
About the Author: Tareq Sikder
Tareq Sikder
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Tareq is a financial writer with 15 years of experience covering global markets. His work spans technical analysis, forex broker reviews, and market sentiment, with a focus on topics relevant to retail traders. He joined Finance Magnates in 2023. At Finance Magnates, he serves as News Editor, covering retail forex and CFD brokers, cryptocurrency exchanges, fintech firms, and regulatory developments shaping the trading industry. He holds an Honours degree in Information Technology from Anfell College, London. Education: Honours degree Information Technology, Anfell College, London

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