Poland Financial Watchdog PFSA Issues Public Warning Regarding Crypto Exchange Binance

Sahaj  |  Jul 8, 2021

The Poland Financial Supervision Authority (PFSA) has recently issued a warning on Wednesday about the crypto exchange Binance. The Polish regulator added that the crypto market is neither regulated nor subject to supervision.

Poland Financial Watchdog PFSA Issues Public Warning About Binance

PFSA, the Polish Financial Supervision Authority, released a statement on Wednesday on the increasing regulatory issues of Binance around the world. The regulatory body laid an emphasis on the operations of the company that are not regulated in the Central European countries.

In addition to this, the regulatory entity cautioned the public about the risks that are linked with the trading on Binance, provided the surging pushback to the exchange from the international financial regulators, and said:

“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.”

Moreover, PFSA addressed some of the warnings that have already been issued against Binance by the international regulators such as the German Federal Financial Supervisory Authority, Cayman Islands Monetary, the Securities and Exchange Commission of Thailand, and the Authority.

Changpeng Zhao’s Response to the Recent Hurdles

The PFSA also mentioned the warning that it issued back in the month of January on the general risks that are there when you invest in digital assets and cryptocurrencies, along with addressing the fact that the crypto market is not at all governed in Poland.

Changpeng Zhao, the CEO of Binance, commented on the recent backlash that the company is facing currently, and said that they are cooperating with the international regulators in order to comply with the regulations of the financial market.

Zhao found something positive in these hurdles and stated that these uncertainties in the market are positive signs that the industry is evolving.

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