Poland’s finance watchdog warning about Binance, stated that its operations are not regulated in Central European countries
Binance continues to face accusations from regulators around the world. In it, the Polish Financial Supervision Authority (PFSA) issued a warning about Binance in the wake of the recent strain of announcements made by other regulators globally.
Poland finance watchdog has issued a consumer warning about Binance
According to the press release, the PFSA highlighted Binance’s growing regulatory problems around the world, asserting that the company’s operations are not regulated in the Central European country. Furthermore, Binance Markets Limited is a cryptocurrency exchange, such a market is neither regulated nor subject to supervision in the country.
Source: Polish Financial Supervision Authority (PFSA)
The regulator warned the public about the risks associated with trading on Binance due to growing opposition from global financial regulators.
“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”, the press release stated.
Furthermore, the press release cites alerts issued in other countries regarding Binance’s activities, such as the ones published by the Federal Financial Supervisory Authority (BaFin), the Financial Conduct Authority (FCA), the Cayman Islands Monetary Authority (CIMA), and the Securities and Exchange Commission, Thailand (SEC). As AZCoin News reported, Binance is subject to regulatory investigations and reviews in countries like Canada, Japan, the United States, and Singapore.
Early this year, the Polish financial watchdog published a document where it asks people to exercise caution when buying and trading cryptocurrencies in the context of a campaign launched by the UKNF named ‘Invest Consciously!’ PFSA mentioned earlier warnings about these General risks when investing in cryptocurrencies like Bitcoin, say that the crypto market is not regulated in Poland.
However, the authority did not comment on whether it would follow the same path as other regulators around the world or take legal actions against the crypto exchange. The PFSA’s statement came shortly after Binance CEO Changpeng Zhao reiterated the company’s commitment to working with global regulators to comply with financial market regulations.
Furthermore, yesterday, AZCoin News also covered Binance suspended transfers from the Single Euro Payments Area (SEPA). Perhaps this is also one of the reasons they do it.
- Binance Suspended Bank Transfers Denominated In Euros From SEPA, One Of Europe’s Critical Payment Networks
- Barclays Blocking Payments To Binance Has Become A Hot Topic Within The Community, Featuring Ripple CTO David Schwartz