Polish Financial Supervision Authority Adds Crypto.com Operator to Warning List

The Polish Financial Supervision Authority (KNF) has added four new entities to its public warning list, including the operator of Crypto.com, Foris DAX MT.

Allegations of Unauthorized Financial Services

Foris DAX MT, the Maltese operator of Crypto.com, has been placed on the KNF alert list for allegedly providing financial services in Poland without the required authorization. The listing, made on November 6, follows allegations that the company violated local rules, specifically in areas of financial advisory.

The case will be handled by the regional prosecutor’s office in Warsaw. The KNF’s decision is part of Poland’s efforts to regulate the cryptocurrency market and ensure compliance with local laws and regulations.

Second Regulatory Challenge in the EU

This appears to be the second regulatory challenge for Crypto.com in the European Union this year. In March, the Dutch central bank, De Nederlandsche Bank, imposed a $3.1 million fine on Foris DAX MT, citing breaches of local anti-money laundering and anti-terrorist financing laws.

A Crypto.com spokesperson had expressed disappointment over the penalty, asserting that the company had already resolved the issue.

Poland’s Crackdown on Crypto Firms

Poland has previously targeted other crypto firms for similar reasons. The KNF’s warning list includes BitBay, now operating as Zonda, one of Poland’s largest exchanges, listed amid suspicions of criminal activity.

Crypto.com’s Global Expansion

In May, Crypto.com registered 100 million users around the globe, doubling down on its international expansion. However, the exchange still trails behind its main competitors, Coinbase and Binance, which boast over 110 million and more than 170 million users, respectively.

Crypto.com’s Response

“We are aware of an update from the KNF in Poland and are working closely with the regulator to resolve any questions they may have regarding our services.”

A Crypto.com spokesperson made this statement in response to the KNF’s decision.

Stay up-to-date with the latest news on the cryptocurrency market and regulatory developments on Global Crypto News.

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