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KNF adds Crypto.com to warning list

Kris Marszalek, co-founder & CEO of Crypto.com | Crypto.com

By Crypto Republique

Nov 12, 2024

The Polish Financial Supervision Authority (KNF) has added four entities to its public warning list, including Foris DAX MT Limited, operating as Crypto.com. This development was reported by Forex Club and highlights regulatory concerns regarding these entities.

According to Forex Club, the warning follows a notification concerning illegal investment activities under the Act on Trading in Financial Instruments. Specifically, it relates to operations conducted without the necessary KNF authorization.

The KNF's list also includes Vintanse Group, suspected of operating as a scam, along with Hudson Hill Trust S.A. and ENTER Marcin Żabiński. These companies have been flagged for potential violations of financial regulations. Authorities have advised the public to remain cautious.

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Crypto.com is a platform facilitating the buying, selling, and trading of over 350 cryptocurrencies, including Bitcoin and Ethereum. It offers services such as zero-fee USD deposits, access to a Commodity Futures Trading Commission (CFTC)-regulated crypto derivatives market, a rewards program, and a Visa card providing cashback on purchases. Established in 2016, Crypto.com claims over 100 million users globally and provides additional features like recurring buys and crypto earn options through its app.

The Polish Financial Supervision Authority (KNF) oversees Poland's financial market. Its responsibilities include licensing and regulating financial institutions such as banks, insurance companies, and pension funds. The KNF monitors compliance with legal requirements and can impose penalties or revoke licenses if necessary. It issues recommendations to improve market practices and conducts control procedures within supervised entities independently of external requests but reviews reports of irregularities as part of its supervisory duties.

Forex Club is an informational website about the Forex currency market that provides details on brokers and other companies in the market along with tools and programs.