Belize-based crypto exchange risks hefty fine for deceiving crypto traders in Poland.
established that the false information about the Polish regulatory approval was published on two websites, kanga.exchange and kangakantor.pl. Kanga Exchange also promoted itself as a “Polish cryptocurrency exchange” when its operator is registered in the Caribbean nation of Belize. According to its terms, the law applicable to the contracts with users is also the one of Belize.
Just because a person authorized to represent the company is a citizen of Poland does not justify the claims that the product offered is of Polish origin, Chróstny elaborated further. Misleading consumers in that regard may impact their financial decisions. Had they known that Poland’s legislation was not applicable, they could have chosen not to use its services, he pointed out.
If the charges against it are confirmed, Good Solution Investments would face a fine of up to 10% of its turnover for violating collective consumer interests. The company’s name is also on a warning list issued by the KNF and the case is being examined by the District Prosecutor’s Office in Warsaw. The Office of Competition and Consumer Protection has taken action regarding other cryptocurrency platforms before, including Coincasso OÜ, which it fined, the Lodz-based Selfmaker Technology, and the Dubai-registered Selfmaker Smart Solutions, suspected of running a pyramid-like promotional system.
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