Italian regulator warns Binance cryptocurrency exchange does not have authority to provide investment services in Italy

Problems with Binance’s regulation are mounting, with Italy becoming the latest country to issue a warning about the global cryptocurrency exchange. Other countries that have issued similar warnings are the UK, Japan, Thailand and the Cayman Islands.

Unauthorized Binance crypto exchange in Italy
Italy’s financial regulator, the National Commission for society and stock market (Consob), issued a warning on Thursday about the cryptocurrency exchange. Regulator wrote:

Consob warns investors that Binance group companies do not have the authority to provide and operate investment services in Italy.

Consob activity indicated also note that, unauthorized,” sections of the website referred to as”derivative financial instruments ” and “stock market tokens” related to crypto assets are previously written in Italian.”

The regulator went on to warn the public when investing in cryptocurrency or crypto-related investments,”because this could mean a complete loss of the amounts of money invested.”

Italian financial watchdog concludes:”For account holders, regarding crypto assets, the complexity and volatility of the high price of these vehicles, due to the almost unnoticed, the risks due to cyber attacks and IT infrastructure which can be used for defects and what it means to be informed about the process is important.”

Recently, regulators in the UK, Japan, the Cayman Islands and Thailand have issued similar warnings about Binance. The exchange then suspended withdrawals in Sterling and deposits in euros through SEPA bank transfers.

A number of banks in the UK have suspended money transfers to Binance following a warning from the Financial Conduct Authority on the stock market, including Barclays and Santander Bank. In addition, faster payments and Clear Junction have also stopped payments for binance.

What do you think of Binance’s problems with regulators around the world? Let us know

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