Binance sets up Polish entity for residents of Belgium after regulatory action

BRUSSELS (Reuters) - Binance, the world's largest cryptocurrency exchange, said it had set up a Polish entity to serve clients in Belgium, after Belgium's regulator ordered Binance to cease offering virtual currency services in the country.

Binance said in a statement the new entity ensures that the company can comply "with its regulatory obligations and can continue to provide services to Belgian users".

Founded by Changpeng Zhao in Shanghai in 2017, Binance has grown to dominate the crypto industry but has also come under intense scrutiny from regulators keen to clamp down on money-laundering.

U.S regulators sued the crypto exchange and Zhao in June for allegedly operating a "web of deception". Binance has said it would defend itself vigorously.

This month Mastercard said it had decided to end four crypto card partnerships with Binance in Argentina, Brazil, Colombia and Bahrain.

(Reporting by Sudip Kar-Gupta; Editing by Edwina Gibbs)