As per the latest reports, one of the largest cryptocurrency exchanges in the entire world as per trading volume is facing head from another regulator. The reports confirm that the name of the cryptocurrency exchange is Binance, which is facing scrutiny from the regulatory authority in Poland.
Just recently the Polish regulator has issued a warning for its consumers in regards to Binance. The regulatory has warned its users about dealing or performing trades in cryptocurrencies through Binance.
The reports suggest that a notification was issued by the Polish Financial Supervision Authority (PFSA) for its consumers around Binance on Wednesday, July 8, 2021.
The firm has warned all of its cryptocurrency consumers in the country around the issues Binance has been facing globally. The PFSA has intimated its consumers around the regulatory scrutiny that Binance is currently facing from regulators all over the world.
Through the warning, the regulator has communicated that the cryptocurrency exchange has been running its operations while being unregulated. According to the firm, the exchange is operating around the world but it is unregulated in most of the areas.
As a result of the above, the exchange is unsafe, risky, and unprotected for the majority of the investors using its services for daily trades. The regulators from all over the world seem to be rallying against the exchange for its unregulated conduct. They have warned investors against Binance letting them know that the exchange’s operations in the Central European countries are unregulated.
In the warning, the regulator has intimated to users that the Binance exchange is neither supervised by the PFSA nor regulated. The regulator has cautioned the UK investors that they need to be very careful investing through the exchange. As a result of its unregulated conduct, the exchange has now started facing scrutiny from the majority of the regulators from around the world.
In the warning, the PFSA has warned its consumers that it is issuing the warning as a result of the warnings it has received from the supervisory authorities from abroad. Moreover, it is issuing a warning for the financial market participants’ protection.
In the light of the above, the PFSA has intimated all the retail cryptocurrency investors in the country to be extra careful and vigilant. They need to be very cautious when making investments in cryptocurrencies through Binance. The regulator has announced that the investors may end up incurring losses if they continue trading through the exchange.
So far, Binance has faced a lot of scrutiny from the regulatory authorities from several countries. According to the regulator, the exchange is currently facing scrutiny from German, Cayman Islands, Thai, English, and the US regulatory authorities.