Poland’s UKNF Issues A Warning Against Binance Markets

​The Polish Financial Supervision Authority (UKNF), a financial regulatory authority responsible for supervision of the financial market in Poland, recently issued a warning against Binance Markets Limited, a subsidiary of cryptocurrency exchange Binance.

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In the press release, the UKNF stated that Binance Markets cannot conduct crypto-related activities in the country as it is a cryptocurrencies exchange, such a market “is neither regulated nor subject to supervision” in Poland.

The authority said:”Because of the protection of financial market participants and warnings of foreign regulators, the UKNF Office recommends special caution when using the services of Binance group entities and when trading cryptocurrencies and crypto assets, as it may involve a significant risk that may result in the loss of funds.”

Additionally, the UKNF cited warnings issued by other countries regarding Binance’s activities, including the Federal Financial Supervisory Authority (BaFin), the Financial Conduct Authority (FCA), the Cayman Islands Monetary Authority (CIMA), and the Securities and Exchange Commission, Thailand (SEC).

Binance continues to face tough times regarding regulatory affairs as more countries keep issuing alerts on their activities. Last week, the Thailand's SEC has filed a criminal complaint against Binance​ for offering services to Thailand investors without the license.