Poland financial regulator issues public warning about Binance

The Polish Financial Supervision Authority (PFSA) published a statement on Binance that recommends exercising special caution when using its services, as it may involve a significant risk that may result in the loss of funds.

The crypto market is “neither regulated nor subject to supervision” by the PFSA, the regulator noted, cautioning the public about the risks associated with trading on Binance given the growing pushback to the exchange 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 mentioned several regulatory warnings against Binance by global regulators, including those issued by the German Federal Financial Supervisory Authority, the United Kingdom’s Financial Conduct Authority, the Cayman Islands Monetary Authority, as well as the Securities and Exchange Commission of Thailand. As previously reported, Binance is subject to regulatory investigations and reviews in countries like Canada, Japan, the United States and Singapore.

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