News

Binance’s regulatory troubles grow with Italy being the latest country to issue a warning on the global cryptocurrency exchange. Other countries that have issued similar warnings include the U.K., Japan, Thailand, and the Cayman Islands.

Crypto Exchange Binance Unauthorized in Italy

Italy’s financial regulator, Commissione Nazionale per le Società e la Borsa (Consob), published a warning on cryptocurrency exchange Binance 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 through binance.com are also unauthorized, noting that the website’s “sections called ‘derivatives’ and ‘Stock Token,’ relating to instruments related to crypto-assets, were previously also written in Italian.”

The regulator proceeded to caution the public when investing in cryptocurrency or crypto-related investments, “for this may imply the total loss of the sums of money invested.”

The Italian financial watchdog concluded: “It is important that savers are informed that transactions in instruments related to crypto-assets may present risks that are not immediately perceptible, due to their complexity, the high volatility of the prices of these instruments as well as for malfunctions and cyberattacks to which the IT infrastructures used for such operations may be subjected.”

Recently, regulators in the U.K., Japan, Cayman Islands, and Thailand issued similar warnings on Binance. The exchange subsequently suspended GBP withdrawals and EUR deposits via SEPA bank transfers.

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

What do you think about Binance’s troubles with regulators worldwide? Let us know in the comments section below.

Tags in this story

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Products You May Like

Articles You May Like

New Peer to Peer Exchange Provides Africans with an Alternative to Paxful
Court Orders Russia’s Sberbank to Unblock Crypto Trader’s Accounts
Bank of America, Coinbase, FTX Invest in Paxos Series D Funding Round
US Senator Lummis: Big Government Spenders Are Accelerating Adoption of Crypto Assets Like Bitcoin
Do YOU Tell Friends and Family YOU Invested In Bitcoin?
Governments Need to Stop Dismissing Crypto as Illicit Payments and Reckless Speculation, Says El-Erian

Leave a Reply

Your email address will not be published. Required fields are marked *