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Regulatory authority in Poland issues wake-up call to Binance users

Cryptopolitan


TL;DR Breakdown

  • The Polish Financial Supervision Authority placed a warning to the citizens regarding Binance.
  • The regulatory authority in Poland warned that the activities of Binance are not supervised.
  • The PFSA also cited various countries that are investigating Binance’s operation.

Binance, being the world’s biggest crypto exchange, is facing many regulations from many countries across the seven seas. With the increased adoption and investment in cryptocurrencies, Binance has also recorded an increase in the number of users of the platform.

Now, Binance users in Poland have been warned against using the platform. According to the regulatory authority in Poland, known as the PFSA, the services of the coin are not regulated or supervised by the government. Thus, risks might be involved.

Why financial regulatory authority in Poland, PFSA, remains skeptical

The PFSA warns users that investing in cryptocurrencies using Binance exchange could be disastrous for any user as the government itself does not back it. In such a scenario, the absence of supervision might lead to fraud and scams.

The regulatory authority in Poland also cited major countries that are also having trouble trusting Binance and its activities. Therefore, it is not safe for any citizen to invest in cryptocurrencies due to uncertainty in crypto regulation.

Binance hasn’t issued a public statement regarding this warning by the financial regulatory authority in Poland, the PFSA. Binance is already under inspection by Cayman Islands Monetary Authority, German Federal Financial Supervisory Authority, along with United Kingdom’s Financial Conduct Authority.

The CEO of Binance, Changpeng Zhao, stresses that the uncertainty around crypto regulation can be a dangerous sign. However, crypto is still gathering attention from around the world. Therefore, he also says that regulation talks in the crypto industry mean that governments are considering crypto adoption.



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