Polish Financial Regulator Launched Public Warning About Binance

Polish Financial regulator launched a public warning against Binance while the crypto market is neither regulated nor subject to supervision to the Polish Financial Supervision Authority as per the reports that we have in our cryptocurrency news.

As Binance faces scrutiny from the regulators around the globe, the Polish financial regulator issued a consumer warning about the crypto exchange. The Polish Financial Supervision Authority published a statement on Binance’s regulatory issues across the world and outlined that the company’s operations are not regulated in the country. The crypto market is not regulated nor subject to supervision by the PFSA as the regulator noted and cautioned the public about the risks associated with trading on Binance given the increasing pushback to the exchange from the 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 PFSA mentioned a few regulatory warnings against Binance by the global regulators including the ones issued by the German Federal Financial Supervisory Authority, the Cayman Islands Monetary Authority, the United Kingdom’s Financial Conduct Authority, and the Securities and Exchange Commission of Thailand. Binance is subject to regulatory investigations and reviews in places like Japan, the US, Singapore, and Canada. Additionally, the PFSA referred to the January warning on the general risks of inventing crypto like BTC stating that the market is not regulated in Poland. The PFSA’s statement came shortly after binance’s CEO Changpeng Zhao reiterated the company’s commitment to cooperate with global regulators so it is able to comply with financial market regulations. The CEO stated that there is a lot of regulatory uncertainty around crypto but they are welcoming more regulations because they are signs that the industry is maturing.

As reported recently, The largest cryptocurrency exchange Binance suspended SEPA euro bank deposits from the EU payment network according to the reports. European users of the exchanger received an email saying that customers could no longer deposit cash thorugh SEPA. SEPA is a network that aims to make European payments faster, cheaper, and easier by creating a single market for euro-denominated payments.