- The Kanga crypto currency exchange which claimed to be Polish is actually based in Belize
- Authorities are taking steps to get it taken down following false claims of regulatory approval
- The Belize-based owners face a fine of 10% of its turnover
A cryptocurrency exchange that claims to be Polish but was in fact based in Belize has attracted the attention of authorities after its true homeland was revealed. The Polish Office of Competition and Consumer Protection (UOKiK) is pressing charges against Good Solution Investments Ltd., the operator of Kanga Exchange, which it says has found evidence that the exchange is based in the Caribbean country, and therefore customers are not protected by Polish law.
No Approval From Regulators
UOKiK said recently that Kanga claims that its business model has been approved by the Polish Financial Supervision Authority (KNF), but it found no such approval. Its investigation revealed that the two websites associated with the exchange, kanga.exchange and kangakantor.pl., stated that it is owned and operated by Good Solution Investments, which is registered in Belize.
Kanga Exchange promotes itself as a Polish cryptocurrency exchange, giving users the false impression that they are protected under Polish consumer law when they are not. As a result, UOKiK has initiated proceedings against Kanga and its owner and has warned citizens not to use the site:
Kanga Exchange has never received the approval it refers to. Moreover, its activities are not subject to supervision or evaluation by the KNF. Providing such information could mislead consumers as to the legality and safety of the performed operations.
10% Fine if Found Guilty
The Office of Competition and Consumer Protection in Poland is investigating the exchange for potentially violating collective consumer interests. If the charges are confirmed, the company could face a fine of up to 10% of its turnover. The platform’s name is also on a warning list issued by the Polish Financial Supervision Authority (KNF) and the case is being examined by the District Prosecutor’s Office in Warsaw.
