Friday, July 30, 2021

Poland’s finance watchdog issues a consumer warning against crypto exchange Binance.

The Takeaway:

As Binance continues to face scrutiny from regulators around the globe, Poland's finance watchdog has become the latest one to issue a consumer warning about the cryptocurrency exchange.

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The Polish Financial Supervision Authority (PFSA) published a statement on Binance’s growing regulatory issues worldwide, stressing that the company’s operations are not regulated in Central European country. The crypto market is “neither regulated nor subject to supervision” by the PFSA, the regulator noted, cautioning the public about the risks associated with trading on Binance. The regulator highlighted the growing pushback against Binance from global financial regulators, including UK’s FCA, Thailand’s SEC, and many others this year alone. 

 

“PFSA office recommends exercising special caution when using the services of Binance.”

The Polish financial watchdog stated, “In line with the protection of financial market participants and warnings of foreign supervisory authorities, the PFSA office recommends exercising special caution when using services of Binance group entities and trading cryptocurrencies, as it may involve a significant risk that may result in the loss of funds.” Crypto regulations in many countries are still in grey areas as lawmakers continue to propose new laws to tame the growing industry. 

 

Several countries issue warning against Binance. 

The Polish financial regulator mentioned several regulatory warnings against Binance by global regulators, including those issued by the German Federal Financial Supervisory Authority, the United Kingdom’s Financial Conduct Authority, the Cayman Islands Monetary Authority, and the Securities and Exchange Commission of Thailand. As reported earlier, Binance is subject to regulatory investigations and reviews in countries like Canada, Japan, the United States, and Singapore. Additionally, the PFSA referred to its January warning on the general risks of investing in cryptocurrencies like Bitcoin, stating that Poland’s crypto market is not regulated. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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