As a seasoned researcher with a keen eye for regulatory trends and a penchant for deciphering complex financial landscapes, this latest development involving Crypto.com piques my interest. With years of experience under my belt, I’ve witnessed the ebb and flow of regulatory scrutiny in the ever-evolving crypto space.
The Polish Financial Supervision Authority has included four additional entities on its public advisory list, with Crypto.com’s operator being one of them.
Crypto.com’s Malta-based operator, Foris DAX MT, was flagged by the Polish Financial Supervision Authority (KNF) for offering financial services in Poland without the necessary license or approval.
On November 6th, a listing was created which comes after accusations that Foris DAX MT breached local regulations, particularly in regards to financial consulting, as suggested in its description. This matter is set to be dealt with by the Prosecutor’s Office located in Warsaw, handling the region.
As of press time, Crypto.com made no public statements on the matter.
It seems that Crypto.com is facing its second regulatory hurdle in the European Union this year. Earlier in March, the Dutch central bank (De Nederlandsche Bank) levied a fine of approximately 2.7 million euros on Foris DAX MT for violating local anti-money laundering and anti-terrorist financing regulations. Following the penalty, a representative from Crypto.com expressed dissatisfaction but stated that the company had already rectified the issue.
Previously, Poland has taken action against other cryptocurrency companies for similar reasons. The warning list includes BitBay, which now operates as Zonda and is one of Poland’s biggest exchanges, under scrutiny due to allegations of illegal activities.
In May, Crypto.com reached a user base of 100 million worldwide, furthering their global growth strategy. However, it’s worth noting that they are currently playing catch-up to their major rivals: Coinbase and Binance, who each have over 110 million and more than 170 million users respectively.
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2024-11-07 11:01