Polish financial regulator issues public warning about Binance

As Binance faces scrutiny by global regulators, Polish financial regulators have issued warnings to consumers about the cryptocurrency exchange.

On Wednesday, the Polish Financial Supervisory Authority (PFSA) Publish A statement on Binance’s growing global regulatory issues, emphasizing that the company’s operations are not regulated in Central European countries.

The regulator pointed out that the crypto market is not “supervised” by the PFSA and warned the public about the risks associated with Binance transactions, as global financial regulators are facing increasing resistance to exchanges, noting that:

“Based on the protection of financial market participants and warnings from foreign regulators, the PFSA Office recommends that you be particularly cautious when using the services of Binance Group entities and trading cryptocurrencies, as this may involve significant risks that may result in the loss of funds.”

PFSA mentioned several regulatory warnings against Binance by global regulators, including German Federal Financial Supervisory Authority,British Financial Conduct Authority, This Cayman Islands Monetary Authority, And the Securities and Exchange Commission of Thailand. As previously reported, Binance is subject to regulatory investigations and reviews in countries such as Canada, Japan, the United States, and Singapore.

In addition, PFSA also mentioned its January warning about the general risks of investing in cryptocurrencies such as Bitcoin (Bitcoin), statement The crypto market is not regulated in Poland.

related: Binance suspends euro bank transfers amid regulatory boom

PFSA and Binance did not immediately respond to Cointelegraph’s request for comment.

PFSA’s statement followed Binance CEO Changpeng Zhao Reaffirmed the company’s commitment to cooperate with global regulators to comply with financial market regulations. The CEO said, There are still many regulatory uncertainties Around cryptocurrencies, but more regulations are welcome, because in his view, they are “positive signs that the industry is maturing.”