Sun, February 25

Poland Joins on Targeting Binance Upon Regulations

Poland Joins on Targeting Binance Upon Regulations Exchange News

Ever since the introduction of the term ‘Regulations’ upon the crypto industry, the industry has got into chains. Worst of all is the cryptocurrency exchanges, for whom the word ‘Regulations’ brings fear and chills to them. One such heavily targeted cryptocurrency exchange is Binance. After suffering many allegations put forth by many countries, now another country joins the line too.

Poland’s UKNF Warnings

Binance, being the most largest and prominent widespread cryptocurrency exchange all over the world, has been facing numerous allegations in regards to regulations. Many of the crypto-regulated countries target Binance and have issued violations, warnings and cases too.  

In spite of all this, Poland has also now issued warnings to Binance for its operations in the country without any regulations. 

Accordingly, the Polish Financial Supervisory Authority (UKNF) has issued warnings to Binance on the terms of not following any supervision or regulations.

Furthermore, UKNF authorities warn Binance exchange users to use the platform cautiously. Also, the term they are more focused on the financial protection of their citizens and the country’s foreign investments.

In spite of all this, the authorities also point out to the users of Binance that they may incur losses upon their investments too.  

Also, the UKNF has brought out a campaign solely for the crypto investors, named ‘Invest Consciously’, to promote awareness regarding cautions needed upon cryptocurrency investments.

Binance History of Allegations

Facing such allegations, criminal charges, and cases in regards to regulations put forth by most of the crypto-regulated countries are nothing new for Binance. 

Moreover, crypto-regulated countries like the U.K, Japan, Cayman Islands, Thailand and Singapore are few countries that have sued Binance for its operations in their countries. 

Besides, the main bodies to put forth such criminal charges upon Binance are basically the financial security government firms like the Financial Conduct Authority (FCA), the Cayman Islands Monetary Authority (CIMA), Monetary Authority of Singapore (MAS).

In addition, another main authority body is the Securities and Exchange Commission (SEC) of various countries like Thailand, etc.

However, the CEO of Binance, Changepeng Zhao aka, CZ, depicted previously upon a press release on the platform’s official page stating optimistically on all allegations. Also, he adds that he looks at all these hurdles as essential for a product to reach internationally.

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A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.