on November 6, the Financial Supervision Commission (KNF) added Foris DAX MT, operator of the Crypto.com exchange, to its list of financial warnings, tightening regulatory oversight of cryptocurrency platforms operating without proper authorization in Poland.
The regulator claims that Foris DAX MT offered financial services in Poland without the required authorization. This regulatory action reveals the increased scrutiny faced by cryptocurrency platforms across Europe, as authorities seek to protect consumers and comply with regulations.
An updated list of financial warnings, published on November 6, officially places Crypto.com under heightened scrutiny by Polish regulators, and a regional prosecutor’s office in Warsaw has been appointed to investigate its activities.
Poland has previously taken action against other cryptocurrency companies for similar reasons, including BitBay, now operating as Zonda, one of Poland’s largest exchanges, which is also on a warning list for suspected criminal activity.
These latest updates reveal the Polish authorities’ firm stance on unregulated cryptocurrency activities, reflecting broader European concerns about investor protection and compliance.
In the UK, for example, the Financial Conduct Authority (FCA) has placed Bitfinex on its financial warning list, advising consumers against engaging with the exchange.
The FCA explained on its website that Bitfinex does not have UK authorization and may be illegally targeting consumers in the region, signaling the UK’s commitment to protecting its markets from unapproved cryptocurrency activities.
This warning came after the regulator reported that 87% of cryptocurrency companies were not licensed under the country’s money laundering laws.
For Crypto.com, this is the second major regulatory challenge in the European Union this year. on March 13, the Dutch central bank, De Nederlandsche Bank (DNB), imposed a hefty administrative fine of €2.85 million (about $3.1 million) on Foris DAX MT.
DNB found that Foris DAX MT had violated the country’s anti-money laundering and counter-terrorist financing regulations, classifying the offense as a Level 3 violation due to its severity and duration.
The DNB also recently imposed a €2.25 million fine on Bybit for unlicensed cryptocurrency operations, reinforcing the focus on compliance in Europe.
Poland’s recent action, along with similar moves by British and Dutch regulators, underscore a coordinated effort across Europe to curb unregulated cryptocurrency operations, protect investors and enforce local regulations.
