Polish Regulator Adds GKFX to Warning List

The Polish Commission of Financial Oversight, KNF (Komisji Nadzoru Finansowego), has announced that it is adding GKFX to its warning list. The broker has been targeting clients in Poland via its Financial Conduct Authority license.

The regulator has not provided any specific details as to why has the company is included on its warning list. The note states that the brokerage has not been permitted to conduct brokerage activities without the permission of the Polish financial supervision authority.

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GKFX Financial Services Ltd has been regulated by the UK Financial Conduct Authority (FCA) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term) which permits it to passport its regulatory license across the European Union.

The KNF has also granted the company a registration number as it has been operating in Poland since 2013.

Finance Magnates has reached out to both the KNF and GKFX for a comment. At the time of publication no official response from the brokerage has been received.

Replying to the query, the KNF states that in accordance to the Act on Financial Market Supervision, it issued the notice because the brokerage is suspected of committing a crime. Specifically, the KNF is referencing activities related to trading in financial instruments without the required permit.

GKFX should technically be able to provide its services under the passporting rights the company has under EU law.

Since it came to power in 2015, the Polish government has been moderately eurosceptic and has been criticized by its European partners on the handling of certain matters of common European policy. On its part, the Polish government has been critical of the EU federalist proposals and has vowed to protect local businesses.