UKNF’s Warning For Binance’s Poland Based Users

After numbers of financial authorities of different countries, Poland is also entered in this list to raise issues against Binance Exchange.

The Polish Financial Supervision Authority published a warning notice for those people who are using Binance exchange. 

They published in their notice that crypto markets are neither regulated nor under supervision of Polish Financial Supervision Authority.

PFSA considered specially Cryptocurrency Investment and trading  is very risky job at Binance. They targeted Binance Exchange. 

According to authority there are many risks to using Binance exchange for trading or Investment purposes.

 “may involve a significant risk that may result in the loss of funds.”

PSFA

PFSA warning notice was totally based upon the warnings by different differents authorities of this world. They took reference from FCA ( financial conduct authority), Germany’s Federal Financial Supervisory Authority’s (BaFin) and Thailand’s filed case against Binance to provide unauthorized crypto-related financial services irrespective of region.

Further they remind their privious warnings for Cryptocurrency use that was issued in January 2021.

PFSA also said that they are only considering the points of FCA , FSA & BaFin authorities that raised issues against Binance. There is something wrong with the Binance system that is why they are raising the issue, so it was their duty to warn their citizens regarding this matter.

While they are issued a notice for warning to trade on Binance, they are not taking any action against Binance Exchange directly or indirectly for now.

Before one of this notice, CEO of Binance published an article regarding such types of legality issues and said :

“the recent wave of regulatory warnings over its practices, emphasizing the company’s recently intensified commitment to regulatory compliance.”

Ceo Of Binance

Here is one thing we can notice, while Binance Exchange is working very well to expand their ecosystem according to the needs of the crypto community and also Binance proved himself a top level Cryptocurrency exchange in the market. But here every financial authority is taking action against Binance only. This sounds ironic because there are many exchanges which are giving their services totally like Binance but there is no warning and action against them. It is a kind of groupism that is going against Binance exchange.

Related: Visa’s New Partnership With More Than 50 Crypto Platforms