Binance also cannot operate in Italy, says Italian financial regulator

Key facts:
  • Binance cannot operate in Italy, either through its companies or its website.

  • The Italian securities commission warned about the risks of trading cryptocurrencies.

The Italian National Securities Market Commission (CONSOB) issued a statement, according to which the companies belonging to Binance Group are not authorized to offer investment services in the European country.

This includes even the offer “through the site”, says the text, published on Wednesday, July 15. Although the warning is general, the document specifically mentions the derivatives and tokens sections of company shares, which has been particularly controversial.

Without directly attacking Binance, the Italian financial authority warned about the possible risks of trading cryptocurrenciesat the same time, it invited its citizens to “take the utmost care to make fully conscious investment decisions”.

We invite you to exercise the utmost caution when transacting on instruments related to cryptoassets that may involve the total loss of the sums of money used.

Italian National Securities Market Commission.

The agency assured that investment operations related to cryptocurrency “may present risks that are not immediately perceptible, due to their complexity, the high volatility of the prices of these instruments as well as malfunctions and cyber attacks.”

In addition to the risks inherent in their investment, CONSOB warned Italians to check “in advance that the Internet sites through which they make the investment are attributable to authorized parties [por el organismo]».

Obstacle course for Binance

The Italian financial regulator’s statement comes amid a series of prohibitions and legal hurdles facing Binance, the world’s largest trading volume bitcoin and other cryptocurrency exchange, in LiveCoinWatch data.

Earlier this July, Crypto News reported that the exchange site was already facing regulatory hurdles in six countries. Namely: United Kingdom, Singapore, Thailand, Cayman Islands, Japan and Malaysia.

Lugo, China blocked access to the platform’s website, as it has done with other exchanges. Meanwhile, British financial services company Barclays began prevent debit or credit card payments from your customers to Binance, with the intention of”protecting your money”.

Binance has not issued a response to the Italian ban. However, it has historically stated its intention to comply with the legal framework in each country where it operates, as well as the so-called Financial Action Task Force Travel Rule, by sharing customer data with other exchanges.

In addition, they have maintained a policy of cooperation with the authorities, in investigations related to money laundering or scams, as we have outlined in this medium.

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