Poland puts Crypto.com’s operator on warning list

The Polish Financial Supervision Authority (KNF) has added four new entities to its public warning list, including Crypto.com’s Maltese operator, Foris DAX MT. The listing, made on November 6, accuses Foris DAX MT of offering financial services in Poland without the necessary regulatory authorization, particularly in the area of financial advisory. This alleged violation is currently under investigation by the regional prosecutor’s office in Warsaw.

At the time of writing, Crypto.com had not issued any public statements regarding the matter.

This is the second regulatory issue for Crypto.com in the European Union this year. Earlier, in March, the Dutch central bank (De Nederlandsche Bank) imposed a $3.1 million fine on Foris DAX MT for violations related to anti-money laundering (AML) and anti-terrorist financing (ATF) laws. Crypto.com had expressed disappointment over the fine, stating that it had already addressed the concerns.

Poland’s regulatory scrutiny of crypto firms is not new. The country’s warning list also includes BitBay (now operating as Zonda), one of Poland’s largest crypto exchanges, which was added due to suspicions of criminal activity.

Despite these regulatory hurdles, Crypto.com continues to expand globally. In May, the exchange announced that it had reached 100 million users worldwide. However, it still lags behind its major competitors: Coinbase, which has over 110 million users, and Binance, with more than 170 million users.