Poland puts Crypto.com’s operator on warning list

The Polish Financial Supervisory Authority has added four new entities to its public warning list, including the operator Crypto.com.

Crypto.com’s Maltese operator, Foris DAX MT, has been placed on the alert list of the Polish Financial Supervisory Authority (also known as KNF) for allegedly providing financial services in Poland without the necessary authorization.

The listing, which took place on November 6, follows allegations that Foris DAX MT violated local rules, especially in the areas of financial advice, according to the listing description. The case will be handled by the district prosecutor’s office in Warsaw.

As of press time, Crypto.com has not made any public statement on the matter.

For Crypto.com, this appears to be the second regulatory challenge in the European Union this year. In March, the Dutch central bank – De Nederlandsche Bank – fined Foris DAX MT $3.1 million, citing violations of local anti-money laundering and anti-terrorist financing laws. At the time, a Crypto.com spokesperson expressed disappointment with the penalty, arguing that the company had already resolved the issue.

Poland has targeted other crypto firms for the same reasons before. The warning list also includes BitBay, operating as Zonda, one of Poland’s largest exchanges, which is listed among suspected criminal activity.

In May, Crypto.com doubled its international expansion, reaching 100 million users worldwide. However, the exchange still lags behind its main rivals (Coinbase and Binance, which have over 110 million and 170 million users respectively).