The Polish Financial Conduct Authority (UKNF) drew the attention of consumers to warnings from foreign regulators regarding the activities of Binance Markets Limited and called for caution.
The agency noted that the main activity of a division of the Binance group is brokerage services for the exchange of cryptocurrencies and digital assets.
This market is not regulated and is not subject to oversight by the Office, added the UKNF.
“Given the protection of financial market participants and warnings from foreign regulators, UKNF recommends that you be especially careful when using the services of Binance group organizations,” the department said.
UKNF also reminded of the risks associated with cryptocurrency trading, which can lead to the loss of all funds.
In a statement, the Office cited warnings about Binance from regulators in Germany, the United Kingdom, the Cayman Islands and Thailand.
Recall that after a series of statements from supervisory authorities in several countries, the head of Binance, Changpeng Zhao, in an open letter spoke about the company’s plans to ensure compliance and protect customers.
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