CoinEx secures VASP license in Poland after legal issues in US and Canada

Global cryptocurrency exchange, CoinEx, has secured a Virtual Assets Service Provider (VASP) license in Poland. This comes after the firm faced legal challenges in the US and Canada, resulting in shutdowns and hefty fines.

CoinEx, a global cryptocurrency exchange, secures a VASP license in Poland, marking a significant step in its European expansion strategy. This follows a series of legal issues in the US and Canada.

Legal Troubles in the US and Canada

In June 2023, CoinEx was forced to shut down its operations in New York after failing to register as a securities and commodities broker-dealer. The company was accused of falsely representing itself as a crypto exchange, leading to a $1.7 million fine. Later in December 2023, CoinEx faced a $2 million fine in Canada for non-compliance with Québec’s securities and derivatives legislation.

Regulatory Approval in Poland

Despite these setbacks, CoinEx has managed to secure a VASP license in Poland. This regulatory approval is a crucial part of CoinEx’s strategy to expand its operations in Europe. The license also provides CoinEx with access to other EU member states through the EU passport, ahead of the EU’s upcoming MiCA regulation.

Looking Ahead

With the VASP registration in Poland, CoinEx aims to reinforce its commitment to providing a secure and regulated trading environment for its users. The company is looking forward to expanding its operations in Europe and driving the global adoption of cryptocurrencies.

Conclusion

Despite facing legal issues in the US and Canada, CoinEx has managed to secure a VASP license in Poland. This marks a significant step in the company’s European expansion strategy. As the firm looks ahead, it is committed to providing a secure and regulated trading environment for its users and driving the global adoption of cryptocurrencies.