Polish regulator says investors can continue to use Binance freely

After the Polish Financial Supervisory Authority (KNF) warned local investors about Binance last week, it reminded that investors are still free to use Binance as they have the right to choose whether or not to use Binance. Since it does not monitor the exchange of cryptocurrencies in Poland, the agency only reacts to situations in which it believes that investors could be harmed.

The Polish regulator says investors can continue to freely use Binance

The purpose of the recent statement on Binance, in which the regulator advises investors to be cautious when using the company’s services, is to “inform investors of the potential risks associated with the organization’s activities to the foreign Regulators have been advised, “a KNF said a spokesman.

“The decision to use the services of this unit rests solely with the investor. The Financial Supervisory Authority does not conduct any analysis of the popularity of certain cryptocurrency exchange services, as these companies are generally not regulated by the KNF. The spokesman added that the KNF only “continuously reacts to situations that can unsettle investors”. Risk”.

“If the activities of an organization operating on the Polish market raise doubts about compliance with the activities of the Polish market by the office (or by foreign supervisory authorities), the KNF will take appropriate measures in such cases.” “Said the spokesman. He did not comment on whether KNF plans to issue further similar warnings about other crypto exchanges.

The spokesman emphasized that cryptocurrencies in Poland are not a regulated market and that the KNF does not license, register or supervise cryptocurrency exchanges: “There are also no legal instruments available. Support customers who are victims of these companies.”

When asked whether the KNF or other Polish government agencies are developing regulation in relation to cryptocurrencies, the spokesman replied that the most important regulation is currently being prepared at EU level, referring to the European Commission’s draft regulations on cryptocurrency markets -Assets (MiCA), which goes beyond the first readings in the European Council and Parliament. The KNF contributes to the development of this regulation through the Polish Ministry of Finance.

Binance faces warnings from global regulators

Yesterday, Italy was another country warning investors not to use Binance, saying that Binance group companies are not allowed to offer securities services and activities in the country. The binance.com website has sections called “Derivatives” and “Security Tokens”. Today, the Hong Kong Securities and Futures Commission (SFC) also warned that no company on the Binance team is licensed or registered to conduct “managed operations” in Hong Kong. The SFC said it was concerned that Binance was also offering local investors stock tokens that represent stocks of publicly traded companies.

“In Hong Kong, security tokens can be ‘security’ as defined by the Securities and Futures Ordinance (SFO), and if so, they are subject to SFC regulation,” it said. The Bank of Lithuania issued a similar warning today.

However, after repeated warnings, Binance said today that the security tokens will no longer be available for purchase on Binance.com and that Binance.com will no longer support such tokens if the platform continues to run products and services. “Users who currently have security tokens can sell or hold these for the next 90 days, while users residing in the European Economic Area and in Switzerland can deposit their share token balances with CM-Equity AG after the new portal has been set up.

In both cases, a similar warning in the UK, reportedly benefited some of its competitors, including Bitstamp, Kraken and Gemini, which saw a dramatic increase in registrations from the UK.

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