Crypto exchange Crypto.com is reportedly in hot waters with Polish authorities. The Polish Financial Supervision Authority (KNF) recently issued a public warning about Foris DAX MT, a Crypto.com affiliated company based in Malta.
The warning from the Polish authorities suggests that Foris DAX MT could be an unrecognized presence in Poland, as it is yet to receive a license as a financial service provider in Poland. However, the public notice is not a ban on the exchange yet. Instead, it alerts investors of the dangers of using the Crypto.com brand.
Crypto.com CEO Kris took to X to acknowledge the situation. He tweeted, “We are aware of an update from the KNF in Poland and are working closely with our counsel to resolve any questions the regulator may have regarding our services.”
We are aware of an update from the KNF in Poland and are working closely with our counsel to resolve any questions the regulator may have regarding our services.
— Kris | Crypto.com (@kris) November 7, 2024
The KNF often issues public warnings to alert investors of the risks of using a platform not deemed safe. Interestingly, Polish laws require companies like Crypto.com, providing financial services, to register before operating.
Surprisingly, over 400 companies are currently on the KNF’s list of unlicensed operators. Crypto.com is however one of the most notable names on the list.
Jacek Bardzczewski, a department director at the KNF, confirmed that the KNF had submitted a notification to the Warsaw Regional Prosecutor’s Office concerning potential violations by Foris DAX MT operating as Crypto.com. As mentioned earlier, the KNF isn’t restricting Crypto.com’s operations. Instead, the warning is meant to inform the public.
Not just Poland!
Crypto.com’s regulatory concerns are not limited to Poland. The exchange’s co-founder recently announced a lawsuit against the U.S. Securities and Exchange Commission (SEC).
Today, https://t.co/pFc4Pz9nFR filed suit against the SEC to protect the future of crypto in the U.S.: https://t.co/kXxyhF7zFe
— Kris | Crypto.com (@kris) October 8, 2024
Kris claims the agency’s actions have impacted millions of American crypto holders. The company’s CEO believes crypto users deserve clearer policies and industry-wide standards.
Kris isn’t the only crypto executive standing up to the SEC. Coinbase CEO Brian Armstrong recently urged the next SEC chair to apologize to US crypto holders. While he believes this won’t correct the past, Armstrong states that it would help provide the much-needed credibility.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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