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Binance Not Authorized to Provide Services in Italy, Regulator Warns

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Thu, 07/15/2021 - 09:08
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Alex Dovbnya
Italy has joined the global regulatory offensive against Binance
Binance Not Authorized to Provide Services in Italy, Regulator Warns
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The Italian Companies and Exchange Commission (CONSOB) issued a stark warning about Binance Group on July 15, stating that its companies are not authorized to provide investment services and activities in the country.

The watchdog specified that this includes binance.com, the website of the world's largest exchange:

Consob warns savers that the companies of the "Binance Group" are not authorized to provide investment services and activities in Italy, not even through the website www.binance.com  whose sections called "derivatives" and "Stock Token," relating to instruments related to crypto-assets, were previously also written in Italian.

Related
Malta Distances Itself from Binance (Again)
Italy has now become part of the simultaneous global clampdown on the cryptocurrency giant. Canada, Japan, the U.K., the Cayman Islands, Poland, Thailand and, most recently, Malta, have all ramped up their scrutiny of Binance in recent weeks.

As reported by U.Today, the exchange is also facing a class-action lawsuit from a major Italian law firm that represents disgruntled futures traders.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.