The PFSA lists 8 entities on the list of warnings

On May 26, 2022 Polish Financial Supervision Authority announced that as many as 8 entities registered in Poland were entered on the list of warnings - most of them are related to the so-called the currency exchange industry. The list includes Walutomat Sp. z o. o. from Poznań - however, we note that IS NOT is a popular on-line currency exchange operating under the domain of Walutomat.pl (this name is proprietary and belongs to a legally operating company Currency One S.A with headquarters at ul. Szyperska 14 in Poznań). Details below.

8 limited liability companies on the "black list" of the Polish Financial Supervision Authority

A total of eight limited liability companies warned by the Polish regulator. All registered in Poland, mainly in Poznań, and most officially associated with currency exchange. So it's hard to talk about a coincidence. The following were added to the infamous register:

• Paynet 24 sp. Z oo with its seat in Poznań
• Royal Line sp. Z oo with its seat in Poznań
• Net Kantor sp. Z oo with its seat in Kicin
• Walutomat sp. Z oo with its seat in Poznań
• Play Kantor sp. Z oo with its seat in Warsaw
• Walutonet sp. Z oo with its seat in Warsaw
• Top Kantor sp. Z oo with its seat in Poznań
• GT Solar sp. Z oo with its seat in Krakow

The KNF announcement states that the reason for entering on the list in the case of all eight entities is the notification concerning the suspicion of committing a crime under Art. 150 sec. 3 of the Payment Services Act. The notification was submitted by the KNF Office, and the cases are handled by the District Prosecutor's Office in Poznań.

The case seems to be extremely serious because the aforementioned point concerns the lack of appropriate authorizations to conduct business in the field of payment services / issuing electronic money, for which the legislator provides for a penalty of PLN 5 million or 2 years in prison (or both).

Art 150.

1. Whoever, without being authorized, conducts business in the field of providing payment services or in the field of issuing electronic money, shall be liable to a fine of up to PLN 5 or imprisonment for up to 000 years, or to both these penalties jointly.

2. The same penalty shall be imposed on anyone who, without being authorized, uses the terms "payment services", "issuing electronic money", "payment institution", "small payment institution" in the name (company) or to define the business activity or in advertising. , "Payment service office", "electronic money institution" or "branch of a foreign payment institution".

3. The same penalty shall be imposed on anyone who commits the act specified in para. 1 or 2, acting on behalf or in the interest of a natural person, legal person or organizational unit that is not a legal person, to which the law recognizes legal capacity.

We warn against using the services of unlicensed companies. Before opening an account, always make sure it is correct the broker has the appropriate regulations and permits at the indicated financial market supervisory institution.