Poland’s Consumer Protection Agency Opens Case Against Cryptocurrency Exchange

The assemblage ensuring that user rights are respected successful Poland has initiated proceedings against a crypto speech falsely claiming to beryllium Polish. The trading level besides misled customers that it was operating with the regulatory support of the fiscal authorities successful the country.

Belize-based Exchange Risks Hefty Fine successful Poland for Allegedly Deceiving Crypto Traders

The Polish Office of Competition and Consumer Protection (UOKiK) is pressing charges against Good Solution Investments Ltd., the relation of Kanga Exchange. According to the agency, the coin trading level claims that its “business model” has been approved by the Polish Financial Supervision Authority (KNF).

“Kanga Exchange has ne'er received the support it refers to. Moreover, its activities are not taxable to supervision oregon valuation by the KNF. Providing specified accusation could mislead consumers arsenic to the legality and information of the performed operations,” the caput of UOKiK, Tomasz Chróstny, explained successful an announcement.

The crypto marketplace successful Poland is not specifically regulated arsenic it’s not considered portion of the fiscal market, the bureau noted. So far, KNF has published lone a informing of the risks associated with the acquisition and trading of crypto assets.

UOKiK established that the mendacious accusation astir the Polish regulatory support was published connected 2 websites, kanga.exchange and kangakantor.pl. Kanga Exchange besides promoted itself arsenic a “Polish cryptocurrency exchange” erstwhile its relation is registered successful the Caribbean federation of Belize. According to its terms, the instrumentality applicable to the contracts with users is besides the 1 of Belize.

Just due to the fact that a idiosyncratic authorized to correspond the institution is simply a national of Poland does not warrant the claims that the merchandise offered is of Polish origin, Chróstny elaborated further. Misleading consumers successful that respect whitethorn interaction their fiscal decisions. Had they known that Poland’s authorities was not applicable, they could person chosen not to usage its services, helium pointed out.

If the charges against it are confirmed, Good Solution Investments would look a good of up to 10% of its turnover for violating corporate user interests. The company’s sanction is besides connected a informing database issued by the KNF and the lawsuit is being examined by the District Prosecutor’s Office successful Warsaw.

The Office of Competition and Consumer Protection has taken enactment regarding different cryptocurrency platforms before, including Coincasso OÜ, which it fined, the Lodz-based Selfmaker Technology, and the Dubai-registered Selfmaker Smart Solutions, suspected of moving a pyramid-like promotional system.

What bash you deliberation astir the lawsuit against Kanga Exchange successful Poland? Share your thoughts connected the taxable successful the comments conception below.

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