Poland’s authorities warn of the most famous crypto exchange Binance. The country’s financial activities regulator has issued a warning not to trade with the cryptocurrency exchange.
According to regulators, the exchange faces many regulatory problems worldwide, and as a result, consumers should be cautious.
There have been numerous investigations into Binance lately. Many countries, including the United Kingdom, the United States, Canada and others, are taking action against the activities of the exchange in their country. Binance is the largest exchange in the world – and it seems that growth is attracting new financial watchdogs every day.
Polish authorities claim Binance is unregulated
The Polish Financial Supervisory Authority goes one step further on the Binance issue. The authority released a statement to inform the public that Binance is not regulated in Central Europe.
According to the statement, the cryptocurrency sector will not be revised or regulated by the relevant PFSA. Therefore, any connection that the public makes with Binance is at risk. From the statement, it is clear that activities such as trading on the platform are risky because any loss falls back on the users.
Authorities worldwide target Binance
The regulator also hinted that the risk is now even higher as the stock market comes under scrutiny from financial regulators around the world.
So: The PFSA advises the public to be cautious when trading cryptocurrencies such as Bitcoin or Ethereum or using other Binance services as they may lose their funds. To further justify its position, the PFSA cites many of the warnings Binance has received from global regulators.
For example, the regulator mentions that the German FFSA (Federal Financial Supervisory Authority) had previously issued a warning against Binance.
The tax authority also mentions that the Financial Conduit Authority and the Thai Securities and Exchange Commission have done something similar. In addition, the warning of the “Cayman Island Monetary Authority” (CIMA) also appeared in the publication as a reference.
Apart from these warnings, other countries such as Singapore, Japan, the United States and Canada have investigated and reviewed Binance’s activities in their countries.
The financial regulator also recalled that it warned in January that it is risky to invest in cryptocurrencies. As a result, the market does not operate under the regulatory guidelines in Poland.
Binance has not yet commented on the public warning. Recall that the Binance CEO recently issued a public statement. In it, he stated that compliance with the guidelines was “a journey”. His company is ready to work with regulators to get better.
The CEO also assured: They want to work with global regulators to improve the crypto industry.
Text credits: Newsbtc
Last updated on July 14, 2021
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