- The Polish financial regulator KNF has placed Crypto.com’s operator Foris DAX MT on a warning list because the company is operating in Poland without authorization.
- Eight months earlier, the Dutch central bank fined Foris DAX MT $3.1 million for violating anti-money laundering laws.
- The KNF warning list is intended to inform users and investors about potentially unauthorized activities, without, however, banning activities in Poland.
Background: Fine in the Netherlands
The Polish financial regulator KNF has added the Maltese operator of Crypto.com, Foris DAX MT, to its warning list. This comes just months after a significant fine from the Dutch central bank.
In March 2024, the Dutch central bank (De Nederlandsche Bank, DNB) imposed a fine of 2.85 million euros on Foris DAX MT. The allegation was that the company operated in the Netherlands from May 2020 to November 2022 without the required registration, thereby violating anti-money laundering and anti-terrorism financing laws.
On November 6, 2024, the Polish Financial Supervisory Authority placed KNF Foris DAX MT on its public warning list. The accusation: providing financial services in Poland without the necessary authorization. Inclusion in this list does not automatically mean a ban on operating in Poland, but serves as a warning to users and potential investors about possible illicit financial activities.
Meaning of the KNF warning list
The KNF warning list informs the public about companies that may offer financial services without appropriate authorization. It is intended to protect consumers and point out potential risks. Other crypto companies on this list include Bright Space LTD, operator of the website cryptotradecorp.com, and BitBay, which now operates as Zonda and is one of Poland’s largest exchanges.
The recent actions against Foris DAX MT underscore the increasing attention of European regulators towards crypto companies. In the Netherlands, other exchanges such as Binance and Coinbase have already been fined for operating without the required registration. Binance subsequently withdrew from the Dutch market, while Coinbase received registration in September 2022.
The repeated regulatory actions against Foris DAX MT and other crypto companies in Europe highlight the need for these firms to maintain strict compliance standards. When selecting crypto service providers, investors should always pay attention to their regulatory status and be aware of the potential risks.
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