With different countries regulating the activities of Binance all over the world, Poland’s Financial Supervision Authority has also warned its public about the activities of Binance.
As the cryptocurrency exchange Binance comes under fire from regulators around the world, Poland’s financial authority has issued a consumer alert.
The Polish Financial Supervision Authority (PFSA) released a statement on Binance’s rising regulatory concerns around the world on Wednesday, emphasizing that the company’s operations in Central European nations are uncontrolled.
The PFSA observed that the crypto market is “neither regulated nor subject to supervision,” warning the public about the hazards of trading on Binance, given the exchange’s mounting opposition 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 many global regulators’ warnings against Binance, including the German Federal Financial Supervisory Authority, the United Kingdom’s Financial Conduct Authority, the Cayman Islands Monetary Authority, and Thailand’s Securities and Exchange Commission.
Binance is the target of regulatory investigations and evaluations in countries including Canada, Japan, the United States, and Singapore, as previously reported.
The PFSA also highlighted its January warning about the general hazards of investing in cryptocurrencies such as Bitcoin (BTC), adding that the crypto sector in Poland is unregulated.
The PFSA and Binance did not immediately react to a request for comment from Cointelegraph.
The PFSA’s announcement comes after Binance CEO Changpeng Zhao reaffirmed the company’s commitment to working with worldwide authorities to ensure compliance with financial market standards.
The CEO added that there is still a lot of regulatory ambiguity around cryptocurrency, but that new rules are “positive signals that a business is maturing,” in his opinion.
