Poland: Announced UKNF investigation into Foris DAX MT Limited (Crypto.com) over alleged unauthorised brokerage activities

On 7 November 2024, the Financial Supervision Authority (UKNF) issued a public notification regarding Foris DAX MT Limited, operating under the trade name Crypto.com through the website crypto.com, for allegedly committing a criminal offence under Article 178 of the Act on Trading in Financial Instruments. The notification alleges that the company engaged in activities such as executing orders on behalf of customers and offering broker-traded financial instruments without the required licence or statutory authorisation mandated by Articles 69(2)(2) and 69(2)(5) of the Act. Under Article 178, any unauthorised trading in broker-traded financial instruments is punishable by a fine of up to PLN 5 million (approx. USD 1.22 million). Article 69 further specifies that conducting brokerage activities, including executing orders for customers or offering broker-traded financial instruments, requires a licence granted by the appropriate authority.