Poland’s UKNF Reminds Crypto Market Is Not Regulated, Mentions Binance

The Polish Financial Supervision Authority (UKNF) issued a warning on Wednesday about Binance, a major cryptocurrency exchange, in the wake of the recent strain of announcements made by other regulators globally. According to the press release, the watchdog noted that as Binance Markets Limited is a cryptocurrencies exchange, such a market “is neither regulated nor subject to supervision” in the country.

“However, because of the protection of financial market participants and warnings of foreign regulators, the UKNF Office recommends special caution when using the services of Binance group entities and when trading cryptocurrencies and crypto assets, as it may involve a significant risk that may result in the loss of funds,” the authority noted in the warning. 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).

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!’

No Comments on Further Legal Actions

However, the authority did not comment on whether it will follow the same path as other regulators worldwide or take legal actions against the cryptocurrency exchange. Still, Binance continues to face tough times regarding regulatory affairs as more countries keep issuing alerts on their activities. The Monetary Authority of Singapore (MAS) announced last week that it would follow the same path as other financial regulators globally about their respective stance towards the firm.

Moreover, in South Korea, the crypto firm is required to register its business before September 24, which is the deadline imposed by the South Korean government for crypto-related companies to obtain licenses under the revised Act on Reporting and Using Specified Financial Transaction Information.

(Photo: Binance)

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