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Polish regulator warns against cryptocurrency and high-risk investments

The Polish Financial Supervision Authority, popularly known as the KNF, has reported the growing adoption and use of platforms that link consumers and financial institutions. The regulator has also noted that this trend will rise with the digitization of the EU financial sector.

The regulator’s report also warned investors against high-risk transactions, stating that they could lead to losses. Some of these investments include cryptocurrencies and foreign exchange platforms.

Investors lured by online offers

KNF stated that the increased growth and use of high-risk investment tools were attributed to a rise in offers. Such offers are usually launched on new investment applications.

The KNF has also stated that most of these offers sprouted from the internet, which encourages local consumers to invest in products that offer fast and high profits. The regulator stated that most of these offers involve cryptocurrencies or shares of reputable companies.

The regulator has also warned consumers targeted by these offers to treat them with distrust. It also urges investors to verify the information contained in the offers proposed by specific financial institutions.

The regulator also stated that fraudsters approach victims by contacting them on their phone numbers or email addresses. Therefore, it urges investors to be wary of who they share their contact information with. Moreover, it mentioned the use of famous people by investments firms to lure unsuspecting investors.

“If a customer suspects that they have been cheated, please gather the details f the time of the event, the form of contact with fraudsters, telephone numbers, email address, bank account numbers to which funds were transferred, data of recipients of such funds or addresses of cryptocurrency wallets,” the regulator stated.

Growing adoption of cryptocurrencies

Cryptocurrencies have significantly grown in value this year, and they have become an ideal investment option for many traders. However, cryptocurrencies are plagued with high volatility, leading to immense losses.

Moreover, the growing popularity of cryptocurrencies has made them a target for fraudsters looking for new investors in the field. Crypto scams have led to millions of dollars in losses from crypto investors.

   

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