Polish regulator urges caution in using Binance services

Poland’s Financial Supervisory Authority (UKNF) has drawn consumers’ attention to warnings from foreign regulators regarding the activities of Binance Markets Limited and urged caution.

The agency noted that the primary activity of the Binance Group’s unit is brokerage services for exchanging cryptocurrencies and digital assets.

This market is not regulated and is not subject to supervision by the Authority, UKNF added.

“In light of the protection of financial market participants and warnings from foreign regulators, UKNF recommends exercising particular caution when using the services of organisations within the Binance group,” the agency stated.

UKNF also reminded of the risks associated with cryptocurrency trading that can lead to the loss of all funds.

In the statement, the Authority cited warnings from regulators regarding Binance activities in Germany, the United Kingdom, the Cayman Islands and Thailand.

Following a series of statements by supervisory authorities in several countries, Binance chief Changpeng Zhao, in an open letter outlined the company’s plans to ensure compliance and protect clients.

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