Originally published on: November 07, 2024
The Polish Financial Supervision Authority (KNF) has sounded the alarm about Foris DAX MT, also known as Crypto.com, based in Malta, for allegedly engaging in unauthorized financial activities in Poland.
While the KNF alert is not a ban, it serves as a caution for Polish investors to be aware of potential risks when using the platform.
Tomek Kolodziejczuk, a prominent figure in the Polish Bitcoin community, clarified that the KNF’s warning does not blacklist the company but serves as a public notice to citizens.
In response to the KNF’s update, a Crypto.com spokesperson assured that they are cooperating with legal counsel to address any concerns raised by the regulator.
According to the KNF, companies offering brokerage or investment services in Poland must hold the appropriate licenses under Article 178 of the Act of Trading in Financial Instruments.
While the KNF has alerted the Warsaw Regional Prosecutor’s Office, any further actions will depend on the outcome of the prosecutor’s review.
As of now, Crypto.com is one of 413 institutions on the KNF’s public warning list, making it the largest company to be flagged for unauthorized financial activities.
Crypto.com’s co-founder and CEO, Kris Marszalek, recently announced a lawsuit against the US Securities and Exchange Commission (SEC) in response to regulatory enforcement actions impacting millions of American crypto holders.
In his statement, Marszalek pledged to advocate for regulatory clarity and support legislative efforts in the crypto industry.
While the situation unfolds, investors are advised to stay informed and exercise caution when engaging with platforms like Crypto.com. Stay tuned for updates on this developing story.
