Banking & Fintech

The KNF Office warns against cryptovalent stretching

The procedure is to consist in the fact that these persons call the selected numbers or write e-mails and induce to engage in a cryptocurrency transaction, referring to the „KNF requirements for recording the transaction process” as fulfilled. Under this „method”, the victims are to make their computer’s desktop available so that the exchange operation can be „monitored” on an ongoing basis by a UKNF employee.

UKNF warns that such actions are usually attempts at fraud. Fraudsters accessing the „customer’s” desktop can steal his or her money or access data (identity). UKNF points out that KNF does not supervise or regulate the cryptocurrency market and UKNF employees never participate directly in transactions carried out by or with supervised entities.

While it is true that some of the cryptocurrency market players provide payment services, they generally only settle payments made by legal tender (FIAT) for the purchase or sale of cryptocurrency. The KNF supervision is therefore limited to the assessment of the correctness of the provision of payment services and does not include the examination of the reliability of the cryptocurrency transactions themselves.

Therefore, any signal that a given bidder acts in agreement with or under the supervision of the KNF should arouse the vigilance of the person being solicited. In this situation, KNF recommends that the identity of the caller be established and that the stated purpose of the contact be verified as true. This is especially vital when we are dealing with an entity for the first time.

It is worth checking whether we are talking to a contact person on behalf of a real KNF-supervised entity: https://www.knf.gov.pl/podmioty/wyszukiwarka_podmiotow and whether this entity is not on the list of KNF public warnings https://www.knf.gov.pl/dla_konsumenta/ostrzezenia_publiczne.

Author team leader DKP Legal Piotr Glapiński
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