The Polish Financial Supervision Authority has published a notice on its website that it does not regulate the activities of the Binance cryptocurrency exchange. The ministry stressed that they decided to issue a warning after similar messages in other countries of the world.
"The key business of Binance Markets Limited is brokerage services in the cryptocurrency and crypto asset exchange market. This market is not regulated and is not subject to supervision on our part. In the interests of protecting participants in the financial markets and in the light of warnings from foreign supervisory authorities, we recommend that you remain vigilant when using the services of entities from the Binance group and when trading cryptocurrencies, as this may carry significant risks of losing funds," the message says.
The Polish regulator also cites references to recent notifications from the authorities of the Cayman Islands, Great Britain, Germany and Thailand. In addition, regulatory checks against Binance were opened in Canada, Japan, the United States and Singapore.
Earlier this year, the Polish Financial Supervision Authority issued a warning regarding the risks of buying and selling cryptocurrencies as part of a campaign to raise awareness among investors. The department did not specify whether they are going to take any more actions against Binance, for example, to launch an investigation, as the authorities in some other countries have done.