As a seasoned crypto investor with roots in Poland and a keen interest in the digital asset landscape, I find myself closely following the developments surrounding Foris DAX MT, operating under the Crypto.com brand. The public warning issued by the Polish Financial Supervision Authority (KNF) has certainly piqued my curiosity.
The Polish Financial Watchdog (KNF) has put out a public alert regarding Foris DAX MT, a firm based in Malta and associated with the Crypto.com brand, due to suspected illegal financial operations within Poland.
Instead of being a ban, the KNF alert acts as a warning for Polish investors, advising them to assess possible risks connected with the investment platform.
Tomek Kolodziejczuk, Bitcoin (BTC) supporter and key advocate at Alby, clarified that “this announcement simply indicates a public caution from the KNF towards Polish citizens.” He emphasized that despite its importance, the KNF did not place any restrictions or ban on the company.
A representative from Crypto.com confirmed to CryptoMoon that they’re keeping tabs on a recent announcement from the Polish Financial Supervision Authority (KNF) and are collaborating closely with their legal team to address any concerns or queries the regulatory body might have about our services.
KNF public alert implications
In Poland, the KNF’s public alert system informs citizens about businesses potentially involved in illegal financial transactions.
If you’re providing brokerage or investment services in Poland, make sure you have the necessary legal permits!
“The KNF Board submitted a notification of a suspected criminal offence specified in Article 178 of the Act of 29 July 2005 on trading in financial instruments […] by Foris DAX MT Limited using the Crypto.com trade name and operating through the website Crypto.com.”
Public warning list and investor impact
The KNF (Komisja Nadzoru Finansowego) has informed the Warsaw Regional Prosecutor’s Office, but the next steps will be determined by their evaluation or review process.
Kolodziejczuk informed CryptoMoon that as many as 413 entities have received similar regulatory advisories, but pointed out that among them, Crypto.com appears to be the most prominent company.
As an analyst, I reached out to the Warsaw Regional Prosecutor’s Office regarding a matter of interest, yet unfortunately, I have yet to receive a response by the time of my publication.
Crypto.com sues the SEC
On October 8th, Kris Marszalek, the co-founder and CEO of Crypto.com, publicly declared that they were filing a lawsuit against the U.S. Securities and Exchange Commission through platform X.
In simpler terms, Marszalek argued that the company’s extraordinary move against the Securities and Exchange Commission (SEC) was justified due to the SEC’s regulatory enforcement actions, which he claimed have negatively impacted over 50 million American cryptocurrency owners.
As an analyst, I can share that the CEO of Crypto.com pledged in a recent post to advocate for regulatory clarity within our sector by working closely with lawmakers to establish suitable legislation.
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2024-11-07 20:29