Polish authorities are issuing a public warning about the platform’s operations due to potential regulatory issues.
What’s the warning about?
The Polish Financial Supervision Authority, the KNF has alerted the public regarding Foris DAX MT, the Malta-based company behind Crypto.com, citing concerns over unauthorized financial activities in Poland.
While this warning isn’t a ban, it serves as a heads-up for Polish investors to be cautious about the platform.
Tomek Kolodziejczuk, a prominent Bitcoin advocate and core evangelist at Alby, explained that this warning is kind of a big deal, but doesn’t mean that Crypto.com has been blacklisted.
He noted that the KNF is simply advising Polish citizens to stay informed.
Crypto.com shared that they are aware of the KNF’s update and are working closely with their legal team to address any questions the regulator may have about their services.
Does this affect investors?
In Poland, the KNF maintains a public warning list to inform citizens about companies that might be operating without authorization.
Jacek Bardzczewski, a director at the KNF, pointed out that under Polish law companies providing brokerage or investment services must have the necessary licenses to operate legally.
The KNF has also notified the Warsaw Regional Prosecutor’s Office, but any further action will depend on their review.
“The KNF Board submitted a notification of a suspected criminal offense related to Foris DAX MT Limited using the Crypto.com name.”
Kolodziejczuk mentioned that there are currently 413 institutions on the KNF’s warning list for similar reasons, but Crypto.com appears to be one of the largest companies highlighted.
Troubles in the USA too
Crypto.com is facing challenges beyond Poland. On October 8, co-founder and CEO Kris Marszalek announced on X that they are suing the U.S. SEC.
He claimed this unprecedented action was necessary due to SEC enforcement actions that he believes have harmed over 50 million American crypto holders.
Marszalek also expressed his commitment to achieving regulatory clarity for the industry through appropriate legislative changes.
