The Polish Financial Supervision Authority (KNF) has issued a public warning about Foris DAX MT, a Malta-based company operating under the Crypto.com brand, citing alleged unauthorized financial activity in Poland.
The KNF alert is not a ban but serves as a caution for Polish investors to consider potential risks associated with the platform.
Polish Bitcoin (BTC) advocate and core evangelist at Alby, Tomek Kolodziejczuk, explained that “this so far only means that the KNF is warning Polish citizens in public,” noting that while the alert is significant, the “KNF didn’t blacklist” the firm.
A Crypto.com spokesperson told Cointelegraph that the team is “aware of an update from the KNF in Poland and are working closely with our counsel to resolve any questions the regulator may have regarding our services.”
Related: Crypto.com acquires SEC-registered broker to expand equities offerings
KNF public alert implications
In Poland, the KNF’s public warning list notifies citizens of companies that may be engaging in unauthorized financial activities.
Jacek Bardzczewski, a department director at the KNF, explained that under Polish law — specifically Article 178 of the Act of Trading in Financial Instruments — entities providing brokerage or investment services must hold the proper licenses to do so legally. He stated:
“The KNF Board submitted a notification of a suspected criminal offence specified in Article 178 of the Act of 29 July 2005 on trading in financial instruments […] by Foris DAX MT Limited using the Crypto.com trade name and operating through the website Crypto.com.”
Related: Crypto.com sees ‘strong legal footing’ in crypto rulings against SEC
Public warning list and investor impact
While the KNF has notified the Warsaw Regional Prosecutor’s Office, further action depends on the prosecutor’s review.
Kolodziejczuk told Cointelegraph that there are currently “413 institutions with such warnings on the same legal basis issued,” but noted that Crypto.com “seems to be the largest company” on the list.
Cointelegraph contacted the Warsaw Regional Prosecutor’s Office but did not receive a response by publication.
Related: Crypto.com sues SEC to ‘protect the future of crypto’ in US
Crypto.com sues the SEC
Meanwhile, Crypto.com co-founder and CEO Kris Marszalek took to X on Oct. 8 to announce an official lawsuit against the United States Securities and Exchange Commission.
Marszalek stated that the “unprecedented action” by the firm against the federal agency is warranted in response to SEC regulatory enforcement, which he alleged “has hurt more than 50 million American crypto holders.”
The Crypto.com CEO also promised in his post to bring regulatory certainty to the industry through appropriate legislative rulemaking.
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