A regiment of regulators opposing Binance has arrived: The Polish Financial Conduct Authority (PFSA) has issued a warning that trading on Binance is not regulated by law.
In a statement, the PFSA emphasizes that according to Polish laws, the cryptocurrency market is not regulated, there is no supervision over them. Therefore, the regulator warned investors about the risks associated with trading on Binance:
“In support of our foreign counterparts and to protect financial market participants, the PFSA recommends that extreme caution be exercised when using the services of Binance Group organizations and when trading cryptocurrencies. This can entail a significant risk of losing money. ”
In January, the Polish regulator issued a general warning about the risks of digital asset trading and stressed that the cryptocurrency market in the country is not regulated.
In a statement, the PFSA recalls that the UK, the Cayman Islands, Japan and Germany have recently issued warnings about trading cryptoassets on Binance. And the Securities Commission of Thailand opened a criminal case against Binance on charges of illegal financial transactions.
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