Poland's consumer protection authority opens up procedures against cryptocurrency exchange - Exchanges

The point that ensures that consumer rights are respected in Poland has initiated a procedure against a crypto tour that incorrectly claims to be Polish. The trading platform also deceived customers that they operate with the official approval of the state's tax authorities.

The Belize stock exchange in Poland risks a high fine for supposedly fraudulent crypto dealers

The Polish Office for Competition and Consumer Protection (Uokik) files a complaint against Good Solution Investments Ltd., the operator of Kanga Exchange. According to the agency, the Coin Trade platform claims that its “business model” was approved by the Polish financial supervisory authority (KNF).

"Kanga Exchange has never received the approval to which it is referred to. In addition, your activity is not subject to supervision or evaluation by the KNF. The provision of such information could mislead consumers with regard to the legality and safety of the operations carried out," said the head of Uokik, Tomasz Chróstny, in an announcement.

The cryptomarkt in Poland is not special because it is not The office found as part of the financial market. So far, KNF has only published a warning about the risks associated with the acquisition and trade of crypto assets.

uokik found that the false information about the Polish official approval was published on two websites, kanga.exchange and kangakantor.pl. Kanga Exchange also applied as a "Polish cryptocurrency exchange" if her operator is registered in the Caribbean nation Belize. According to its conditions, the right applicable to the contracts with the users is also that of Belize.

just because a person authorized to represent is a person authorized to represent a Polish citizen, this does not justify the claim that the product offered is of Polish origin, Chróstny continued. The misleading of consumers in this regard can affect their financial decisions. If you had known that Polish legislation is not applicable, you could have decided not to use your services, he emphasized.

If the allegations raised against them, Good Solution Investments threatens a fine of up to 10 % of their sales due to violation of collective consumer interests. The name of the company is also on a warning list published by the KNF, and the case is examined by the district prosecutor's office in Warsaw.

The Office for Competition and Consumer Protection has already taken measures against other cryptocurrency platforms, including Coincasso Oü, which was fined, which is suspected of doing a pyramid -like advertising system in Lodz, Selfmaker Technology and Dubai's Selfmaker Smart Solutions.

What do you think about the case against Kanga Exchange in Poland? Share your thoughts on this topic in the comment area below.

lubomir Tassew

lubomir Taskensev is a journalist from the technically experienced Eastern Europe, to the Hitchen's quote: "To be a writer is what I am and not what I do." In addition to crypto, blockchain and fintech, international politics and business are two other sources of inspiration.

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