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Polish Competition Watchdog Targets Scamcoin Ads

 |  December 1, 2021

Polish competition watchdog says it has been increasingly monitoring alternative investment ads by Polish social media influencers, recently charging a few persons with promoting Ponzi schemes. 

The information provided by the Office of Competition and Consumer Protection (UOKiK) indicates that the agency is not investigating crypto-related ads in Poland unless they advertise scamcoins, are misleading to investors, and inform them on potential risks related to such investments. 

The agency’s representative said that, under Polish law, both organizing and promoting Ponzi schemes is illegal, and the UOKiK is currently “pursuing a number of investigations in which it pressed charges against so-called touts, so persons who try to convince consumers to invest their money in such projects.”

Last year, the agency kicked off its campaign against online influencers engaged in promoting Ponzi schemes with the first major fine to be imposed on such a person.

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