Italian regulator warns Binance Crypto Exchange not authorized to offer investment services in Italy – regulation Bitcoin News

Binance’s regulatory issues are mounting as Italy is the last country to issue a warning about global cryptocurrency exchanges. Other countries that have issued similar warnings include the United Kingdom, Japan, Thailand, and the Cayman Islands.

Crypto Exchange Binance not authorized in Italy

The Italian financial regulator Commissione Nazionale per le Società e la Borsa (Consob) published a warning on the Binance cryptocurrency exchange on Thursday. The regulator wrote:

Consob warns savers that the companies of the ‘Binance Group’ are not authorized to provide investment services and activities in Italy.

Consob clarified that activities via binance.com are also unauthorized, noting that the “Sections called ‘Derivatives’ and ‘Stock Token’, which refer to instruments related to crypto assets, were also previously written in Italian were.

The regulator warned the public if they invested in cryptocurrency or crypto-related investments, “as this can mean a total loss of the sums of money invested”.

The Italian Financial Regulator concluded: “It is important that savers are informed that transactions in instruments related to crypto assets, due to their complexity, the high volatility of the prices of these instruments and risks that are not immediately perceptible, can harbor malfunctions and cyber attacks the IT infrastructures used for this purpose may be exposed. “

Recently regulators in the UK, Japan, the Cayman Islands and Thailand issued similar warnings about Binance. The exchange then suspended GBP withdrawals and EUR deposits via SEPA bank transfers.

A number of banks in the UK have suspended money transfers to Binance following the Financial Conduct Authority’s warning on the exchange, including Barclays and Santander Bank. In addition, Faster Payments and Clear Junction have also stopped processing payments for Binance.

What do you think of Binance’s problems with regulators around the world? Let us know in the comment section below.

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