Investors Are Still Free To Use Binance, Says Polish Regulator

[RSRS]

After warning local investors about Binance last week, Poland’s Financial Supervision Authority (KNF) reminds that they are still free to decide whether to use this platform. As it does not supervise crypto exchanges in Poland, the authority only reacts to situations in which it believes investors could be harmed.

The aim of its latest statement on Binance, in which the regulator advised investors to be careful while using the company’s services, was “to inform investors on the potential risks related to the activities of this entity which have been pointed out by foreign regulators,” a spokesperson for the KNF told Cryptonews.com.

“The decision to use the services of this entity rests entirely on the side of investors. The Financial Supervision Authority does not perform any analyses related to the popularity of particular [cryptocurrency exchange] services, as, in principle, these entities are not regulated by the KNF,” the spokesperson said, adding that the KNF only “responds on an ongoing basis to situations that may put investors at risk."

"In the event that the activities of any of the entities operating in the Polish market will arise the suspicion of the office (or the suspicion of foreign regulatory authorities) regarding the compliance of their activities with the applicable law, the KNF will take appropriate steps in such cases,” the spokesperson said. He didn't comment whether the KNF is planning to issue more similar warnings about other crypto exchanges.


The spokesperson stressed that cryptoassets are not a supervised market in Poland and the KNF does not issue licenses, register, or supervise crypto exchanges: "There are also no legal instruments that serve to support those customers who are victims of these entities."

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