The Polish Financial Supervision Authority (KNF) has added four companies to its public warning list, including the operator of Crypto.com.
Maltese Operator Foris DAX MT Added to the Warning List
Specifically, the Maltese operator Foris DAX MT, responsible for Crypto.com services, has been added to the list. The KNF states that Foris DAX MT provided financial services in Poland without the required authorization, which violates local regulations.
Investigation by the Regional Prosecutor’s Office in Warsaw
Following this finding, the KNF added Foris DAX MT to its warning list on November 6, citing unauthorized financial advisory services. The Regional Prosecutor's Office in Warsaw is set to investigate the matter. Crypto.com has yet to issue an official statement regarding the situation.
Second Regulatory Challenge for Crypto.com in the European Union This Year
This is the second regulatory challenge for Crypto.com within the EU this year. In March, the Dutch central bank (De Nederlandsche Bank) fined Foris DAX MT $3.1 million for violating anti-money laundering and anti-terrorist financing regulations. In response, Crypto.com expressed disappointment with the sanction, stating it had already addressed the issue.
Poland Continues to Target Crypto Firms
Poland has long focused on cryptocurrency companies due to regulatory non-compliance. The KNF’s warning list previously included the Polish exchange BitBay, now operating under the name Zonda, due to suspected criminal activity.
Rapid Growth of Crypto.com
While Crypto.com has reached 100 million users worldwide, it still lags behind its main competitors. Coinbase has over 110 million users, while Binance boasts over 170 million.
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