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According to the Polish Financial Supervision Authority, the cryptocurrency market is “neither regulated nor subject to supervision.”
As authorities across the world scrutinise Binance, Poland’s finance authority has issued a consumer warning about the cryptocurrency exchange.
On Wednesday, the Polish Financial Supervision Authority (PFSA) published a statement on Binance’s growing regulatory issues around the world, stressing that the company’s operations are unregulated in Central European countries.
The PFSA observed that the crypto market is “neither regulated nor subject to supervision,” cautioning the public about the dangers connected with trading on Binance, given the rising resistance from global financial regulators, stating:
“In line with the protection of financial market participants and warnings of foreign supervisory authorities, the PFSA office recommends exercising special caution when using services of Binance group entities and trading cryptocurrencies, as it may involve a significant risk that may result in the loss of funds.”
The PFSA cited several regulatory warnings issued by global regulators against Binance, including those issued by the German Federal Financial Supervisory Authority, the Financial Conduct Authority of the United Kingdom, the Cayman Islands Monetary Authority, and the Securities and Exchange Commission of Thailand. Binance is now under regulatory enquiry and examination in nations like Canada, Japan, the United States, and Singapore, as previously reported.
Furthermore, the PFSA alluded to its January warning on the general dangers of investing in cryptocurrencies like as Bitcoin (BTC), noting that the crypto sector in Poland is unregulated.
The PFSA and Binance did not react to Cointelegraph’s request for comment right away.
The PFSA’s announcement comes just days after Binance CEO Changpeng Zhao reaffirmed the company’s commitment to working with global authorities to ensure compliance with financial market rules. The CEO noted that there is still a lot of regulatory ambiguity around cryptocurrency, but he welcomed new rules as “positive signs that an industry is maturing.”