Investment

Investors should be wary of the Binance exchange, according to a Polish regulator

The PFSA has issued an official notice on its website to safeguard the general public from losing money when utilizing the Binance cryptocurrency exchange’s services.

Poland‘s financial regulator has joined the global agencies’ broad oversight of the exchange’s activities. According to PFSA authorities, they are apprehensive about the safety of financial market participants. Therefore they felt it was essential to warn investors about the hazards of investing in digital currencies through Binance.

The fact that digital currency exchange brokerage is unregulated in several European nations was underlined in their statement. Several warnings and claims made by Binance in the past, both from global and local regulators in various countries, were highlighted by the PFSA. The German BaFin, the UK FCA, the Cayman Islands financial regulator CIMA, the Japanese FSA, and the Singaporean MAS were among them.

The Polish Ministry of Finance has previously issued a warning to local investors about the “pitfalls” associated with digital currencies such as bitcoin and others, emphasizing that the new asset class is still unregulated in Poland.

Changpeng Zhao promised to cooperate with authorities to build the regulatory framework, comparing it to “creating” vehicle road laws. Only productive collaboration with financial control authorities, in his opinion, can make the market as safe as possible, and therefore more appealing to new investors.

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