BlocksInform
The organization that oversees the respect of consumer rights in Poland has instituted a procedure against a crypto exchange that falsely claims to be Polish. The trading venue also misled customers by telling them that it was working with regulatory approval from the country's financial authorities.
Belize-based foreign exchange risks Heavy penalty in Poland for allegedly misleading crypto operators.
The Polish Office for Competition and Consumer Protection (UOKiK) has sued Kanga Exchange operator Good Solution Investments Ltd. According to the agency, the coin trading venue says its "business model" has been approved by the Polish Financial Supervisory Authority (knf).
'The kanga swap never got the approval he's talking about. In addition, its operations are not monitored or assessed by the knf. Providing such information could mislead consumers about the legality and security of the operations carried out,' explained the head of uokik, tomasz chrostny, in an ad.
The crypto market in Poland is not specifically regulated as it’s not considered part of the financial market, the office noted. Until now, knf has only issued a warning about the risks involved in acquiring and trading crypto assets.
Found that false information about Polish regulatory approval was posted on two sites, kanga.Purse & kangakantor.pl. kanga exchange also presented itself as a "Polish crypto-exchange" when its operator is registered in Belize's Caribbean nation. Under its terms, the law applicable to agreements with users is also that of Belize.
Just because a person authorized to represent the company is a Polish citizen does not justify claims that the product offered is of Polish origin, chrostny has developed further. Misleading consumers in this respect may have an effect on their financial decisions. If they had known that Polish law was not applicable, they might have chosen not to use its services, he stressed.
If the charges that weigh on it are confirmed, investments of good solution would be liable to a fine of up to 10 % of their turnover for infringement of the collective interests of consumers. The company's name is also on a warning list issued by the knf and the case is under review by the Office of the Attorney General in Warsaw.
Other cryptocurrency platforms have already been addressed by the Competition and Consumer Protection Bureau, including quin't or, to whom he has imposed a penalty, lodz-based selfmakers, and the intelligent solutions of self-manufacturers registered in Dubai, believed to be running a pyramid scheme.
How do you feel about Kanga Exchange being tried in Poland? Reflect on the topic in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Konektus Photo / Shutterstock.com
