By Mark Hunter
1 day agoThu Nov 07 2024 08:09:47
Reading Time: 2 minutes
The Polish Financial Supervision Authority (KNF) has added four new entities to its public warning list, including Crypto.com
Through its owner, Foris DAX MT Limited, Crypto.com, has been flagged by the KNF for alleged illegal investment activities
The investigation, involving Warsaw’s District Prosecutor’s Office, raises concerns over Crypto.com’s operations under Polish financial laws
Crypto.com has been added to the Polish Financial Supervision Authority’s (KNF) public warning list through its corporate name, Foris DAX MT Limited, for operating without a license. Foris DAX is one of four companies added yesterday, with the entity lumped in with others that are recognised scams. In 2023, the company was fined €2.85 million ($3.12 million) by the Dutch central bank last year for providing services in the Netherlands without registering with De Nederlandsche Bank (DNB), which it did in July of that year.
Crypto.com Added to Another Blacklist
The KNF’s public warning list aims to alert the public to companies and individuals under investigation for potentially illegal activities within Poland’s financial sector. Entities on this list are often involved in activities that breach financial regulations, including unauthorized investments, data fraud, and misleading advertising practices. Crypto.com’s inclusion is notable as it joins ranks with other crypto exchanges previously flagged by the KNF, such as BitBay (now Zonda Global) and Kanga Exchange.
According to a statement from the KNF, Crypto.com’s activities have prompted a notification under Article 178 in connection with Article 69, section 2, points 2 and 5 of Poland’s Act on Trading in Financial Instruments. This legislation mandates that firms engaging in investment brokerage and advisory services obtain specific permissions, which the KNF claims Crypto.com lacks.
Expanding the Scope of Vigilance
Crypto.com isn’t the only entity targeted, with three others making the list: Vintanse Group, Hudson Hill Trust S.A., and ENTER Marcin Żabiński. Among these, Vintanse Group has been identified as a potential scam operation, allegedly using deceptive tactics to mislead investors.
“Operating without appropriate permissions is a serious offense, and we are committed to maintaining financial security in Poland,” stated a KNF spokesperson. The KNF cautions investors to stay vigilant, as fraudulent entities frequently rebrand and resurface under new identities.
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