Polish financial regulator warns of Binance

With Binance under scrutiny by regulators around the world, Poland’s financial regulator has issued a consumer warning against the crypto exchange.

On Wednesday, the Polish Financial Supervisory Authority (PFSA) released a statement on Binance’s growing regulatory problems around the world, stressing that the company’s operations in the central European country are not regulated.

The regulator found that the crypto market is “neither regulated nor regulated” by the PFSA and warned the public of the risks associated with trading on Binance due to the growing opposition to the exchange.

“In order to protect financial market participants and warn foreign supervisory authorities, the PFSA office recommends particular caution when using the services of institutions of the Binance Group and when trading in cryptocurrencies. “

The PFSA has mentioned a number of regulatory warnings against Binance by global regulators, including those from the German Federal Financial Supervisory Authority, the UK Financial Conduct Authority, the United Kingdom, the Cayman Islands Monetary Authority, and the Securities and Exchange Commission of Thailand. As previously reported, Binance is subject to regulatory investigations and reviews in countries such as Canada, Japan, the United States and Singapore.

Additionally, the PFSA referred to its January warning on the general risks of investing in cryptocurrencies such as Bitcoin (BTC), stating that the crypto market in Poland is unregulated.

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

The PFSA’s statement came shortly after Binance CEO Changpeng Zhao reaffirmed the company’s commitment to work with global regulators to comply with financial market regulations. The CEO stated that there is still a lot of regulatory uncertainty surrounding cryptocurrencies, but welcomes more regulation as he believes “positive signs suggest an industry is mature”.