Polish regulator urged investors to beware of Binance exchange

The PFSA has published an official notification on its website to protect the population from the risk of losing money when using the services of the Binance cryptocurrency exchange.

The financial regulator of Poland has joined the general supervision of the exchange's actions by world departments. PFSA representatives claim that they are extremely concerned about the safety of financial market participants, therefore, they considered it necessary to warn investors about the potential risks associated with investing in digital currencies through Binance.

In their message, they highlighted the fact that digital currency exchange brokerage is unregulated in many European countries. The PFSA mentioned several warnings and claims made by Binance in the past, both from global and local regulators in various countries. Among them were the German BaFin, the UK FCA, the Cayman Islands financial regulator CIMA, as well as the FSA of Japan, and the Singaporean MAS.

The Polish department has already warned local investors about the "pitfalls" that are fraught with digital currencies, such as bitcoin and others, noting that the new asset class is not yet regulated in the country.

The news comes after Changpeng Zhao pledged to work with regulators to shape the regulatory framework, comparing it to “inventing” road rules for cars. In his opinion, only fruitful cooperation with financial control authorities can make the market as safe as possible, and therefore more attractive for new investors.

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