Poland: Announced UOKiK investigation into Kanga Exchange's over alleged unapproved business model

On 13 January 2023, the Urząd Ochrony Konkurencji i Konsumentów (UOKiK), the Polish Office for Competition and Consumer Protection, announced the opening of legal proceedings against Good Solution Investments Limited, the cryptocurrency operator of Kanga Exchange. The charges relate to the fact that cryptocurrency company Kanga Exchange allegedly never received approval from the Polish financial supervisory authority to continue its business model. The company is also accused of making false statements about the company's nationality of origin, which are considered misleading statements to consumers. The Warsaw District Prosecutor's Office will investigate the case. The company, if found in violation of the law, risks a fine of up to 10% of its global turnover.