Poland financial regulator issues public warning about Binance

The Polish Financial Supervision Authority (KNF) published a new white paper on Aug. 13, 2018, that gives a detailed analysis of the risks associated with cryptocurrency trading. The report states that a large number of users that are not experienced and do not have adequate knowledge of the functioning of the market are involved in trading in cryptocurrency.

It is with great concern that we must issue this public warning about Binance, a Chinese cryptocurrency exchange. When Chinese regulators issued a public warning about Binance, it was for a good reason. It was not a warning about the existence of Binance itself, but an expression of concern about the exchange. We believe that Binance is a good exchange, and has been doing a good job, but because there is no regulator in place in Poland, we are forced to issue this warning.

While Binance has come under intense scrutiny from regulators around the world, Poland’s financial watchdog has issued a consumer warning about the cryptocurrency exchange.

Poland’s Financial Supervisory Authority (PFSA) on Wednesday issued a statement on Binance’s growing regulatory problems around the world, noting that the company is unregulated in the central European country.

The cryptocurrency market is unregulated and not subject to oversight by the PFSA, the regulator said, warning the public of the risks associated with trading on Binance amid growing opposition to the exchange from global financial regulators :

In line with the protection of financial market participants and warnings from foreign regulators, the PFSA office recommends particular caution when using the services of Binance Group organizations and trading cryptocurrencies, as this poses a significant risk that could lead to the loss of money.

The PFSA cited several warnings issued to Binance by global regulators, including Germany’s Federal Financial Supervisory Authority, the UK’s Financial Conduct Authority, the Cayman Islands Monetary Authority and Thailand’s Securities and Exchange Commission. As mentioned above, Binance is subject to regulatory investigations and inspections in countries such as Canada, Japan, the United States and Singapore.

The PFSA also referred to its January warning about the general risks of investing in cryptocurrencies such as Bitcoin (BTC), stating that the cryptocurrency market in Poland is unregulated.

Related: Binance suspends euro transfers in the heat of the moment

PFSA and Binance did not immediately respond to Cointelegraph’s request for comment.

The PFSA announcement came shortly after Changpeng Zhao, CEO of Binance, reiterated that the company will work with global regulators to comply with financial market rules. The CEO said there is still a lot of uncertainty surrounding cryptocurrencies, but he welcomes the increase in regulations as he believes they are a positive sign that the industry is maturing.

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