Kanga Exchange is on the KNF's list of warnings

Polish Financial Supervision Authority does not slow down. In the last 30 days, the office included over 20 entities on the list of public warnings. On January 13, 2022, another one joined this group - Good Investments LTD, BSSIP LTD, to which the brand belongs Kanga Exchange (operating under the kanga.exchange domain). Details below.

[Update 12:51] - In view of the situation, the company's representatives prepared a statement that we publish at the bottom of the article.

KNF warns against Kanga Exchange

Kanga Exchange is a company that has been operating on the market since 2018, and its roots come from Gdańsk. Currently, it has over 250 stationary cryptocurrency exchange points (operating as exchange offices) practically all over Poland, as well as several abroad - in Ukraine and the Czech Republic.

Kanga Kantor locations. Source: Kanga.exchange

Good Investments Ltd. also has its own token - Kanga Exchange Token (KNG), whose market capitalization exceeds PLN 560 million.

KNG token quotes from the last 3 months. Source: CoinMarketcap.com

These are the elements that definitely distinguish Kanga Exchange from other entities from the KNF's "black list". So what has the company exposed to the regulator? Unofficial one hears about misleading potential customers in connection with the introduction of stablecoin Omega to the market by the Gdańsk company (OmegaCoins, OmegaPLN, OmegaEUR, OmegaUSD). On Kanga's website there is information about "Approval of the Polish Financial Supervision Authority" for this project, which, according to the Polish Financial Supervision Authority, was not supposed to happen.

Source: https://kanga.exchange/pl/omega-stablecoin/

Officially, however, the KNF announcement states that the reason for all entities is the notification regarding the suspicion of committing a crime under Art. 178 of the Act on Trading in Financial Instruments, i.e. conducting activities in the field of trading in financial instruments without the required permit or authorization. The proceedings were initiated by the KNF Office and the case is being conducted by the District Prosecutor's Office in Warsaw.

No specific point from Art. 178. In the event of an unsuccessful termination of the proceedings for Kanga Exchange, the company may face a fine of up to PLN 5 million.

Good Investments Ltd. entered on the KNF's list of public warnings. Source: KNF.gov.pl

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.

Kang Exchange's statement [Update 12:51]

In connection with the appearance of the KNF announcement, the owner of the Kanga Exchange brand has prepared a statement, the content of which is presented below:

In connection with the entry of two companies related to the activities of Kanga Exchange, we declare as follows:

1. The company Good Investments LTD was the operator of the Kanga Exchange until January 11.01.2022, XNUMX, and the Company informed the Users by e-mail and on the Stock Exchange website.

2. The company BSSIP LTD performs auxiliary activities related to the activities of Kanga Exchange.

3. None of the indicated companies performs the main operational tasks required for the proper functioning of the stock exchange and related services (eg making payments and withdrawals, bureau de change, etc.).

4. None of the services provided or related to Kanga Exchange have been discontinued.

5. In order to maintain the highest standards, Kanga Exchange notified its operating partners of the situation, including those not related directly to the entities on the alert list. We received a declaration of cooperation and support.

6. As representatives of Kanga Exchange, we do not understand the legitimacy of the doubts raised by the Polish Financial Supervision Authority, namely "enabling trading in instruments

without permission ". None of the entities related to the Kanga Exchange has ever engaged in any activities related to trading in instruments that would require specific authorization.

7. We also draw attention to the fact that none of the entities has received an official notification from the Polish Financial Supervision Authority or the prosecutor's office about the pending proceedings.

8. Kanga Exchange declares full cooperation with the regulator and relevant authorities. At the same time, the legal services of the Kanga Exchange have taken the appropriate

actions aimed at immediate clarification of the current situation.

9. We are also aware that for several weeks there have been actions in the Internet space aimed at denigrating the activities and services provided by Kanga Exchange. The case was referred to the law enforcement authority. Actions were also taken to reveal the identity of the people behind the initiative.

10. From the beginning of its operation, Kanga Exchange focused on cooperation and building a strong cryptocurrency community. We perceive the situation not only as an attempt to harm the Kanga Exchange, but also as a hitting and damaging action for the Polish cryptocurrency community.