XTB under KNF scrutiny

WSE-listed brokerage XTB is under Financial Supervision Authority KNF scrutiny. The watchdog launched an administrative proceeding which may result in a fine over suspected significant infringement of the law regarding providing services to clients as well as the organization and functioning of transaction systems, XTB said in a market filing. XTB called the allegations “unfounded and are not confirmed in the facts.” Last week, Puls Biznesu daily reported that KNF notified the prosecution, that XTB committed a fraud which resulted in losses to its client, estimated by the watchdog at between PLN 8-23.5 million.