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Polish financial regulator issues Binance warning

Thu 08 Jul 2021 ▪ 20h34 ▪ 3 min read — by Matthieu Palois

Several financial regulators from different countries have already forced cryptocurrency exchange Binance to block some of its operations. It is now Poland’s turn to issue a warning to users of the platform.

Another setback for Binance?

On Wednesday, the Polish Financial Supervisory Authority (PFSA) issued a statement on Binance’s growing regulatory problems around the world, stressing that the company’s operations are not regulated in Central European countries.

The PSFA states that it does not regulate or supervise the cryptocurrency market. As a result, it warns users of the Binance platform that they are at risk:

“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.”

Originally, the alert came from the German regulator BaFin, which in April suspected Binance of breaking the rules surrounding securities. During June, it was Japan that indicated that the platform was carrying out unauthorised exchanges of cryptocurrencies with Japanese citizens. The platform was also forced to cease operations in the UK. Similarly, SEPA euro deposits are also now prohibited: not to mention the ban issued by Barclays Bank and the warnings issued by the Cayman Islands, Thailand, Canada, the United States, and Singapore.

Binance ready to cooperate with global regulators

In the face of these events, the CEO of the platform Changpeng Zhao (CZ) recently spoke out that his company was ready to cooperate with the various global regulatory authorities. He believes that the crypto market still suffers from too many regulatory uncertainties.  According to his statements, stricter regulations are “positive signs that an industry is maturing”.

The future of Binance  seems unclear as more and more countries are considering blocking its operations. More generally, the issue of regulation looms over the entire cryptocurrency market. Are the various market players ready to accept measures that could go against the initial values of blockchain technology?

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Matthieu Palois avatar
Matthieu Palois

Mon intérêt pour les nouvelles technologies m’a téléporté dans l’univers blockchain. Dimension à la fois complexe et tellement vaste que mon cerveau a d’abord réagi en mode "Error 404" frôlant la faille spatio-temporelle avant que j’en comprenne peu à peu les codes. Le chemin est encore long avant d’obtenir le salut du dieu Crypto, mais en attendant j’en profite pour partager ma passion avec vous.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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