Polish Regulator Drops Warning Against Binance

Polish Regulator Drops Warning Against Binance

An official warning against Binance was issued, this time by the Polish Financial Supervision Authority (UKNF), during a sensitive time for the global crypto exchange, as more and more regulators are ruling the company as providing unlicensed services.

In wake of the recent turmoil that shook Binance, the UKNF didn’t offer too much relief in asserting that Binance Markets Limited is “neither regulated nor subject to supervision” in Poland.

The Polish press release reminds readers of the warnings that were recently published by other regulators including Germany’s BaFIN, the FCA, Japan’s FSA, the Cayman Islands Monetary Authority, as well as SEC in Thailand.

Currently, there is no further comment on whether UKNF will proceed as the other regulators have done, by taking legal action against the exchange. This potential move is still up for debate.

Currently, Binance is on a continuous downward spiral, as more and more regulators around the world are alerting users about its unlicensed activities. The latest financial regulator to have forewarned local users is the Monetary Authority of Singapore (MAS), by stating it would take similar action against Binance as the other overseers.

Meanwhile, the Polish watchdog recently published a document, as part of a campaign dubbed “Invest Consciously” regarding the dangerous nature of crypto trading. The document cautioned users of the digital coins’ market volatility.

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