Italy’s Financial Regulator Warned Binance Not To Provide Services

Italy’s financial regulator warned Binance that is not authorized to provide investment services in the country, joining the list of countries that are excluding the exchange on their territory as we can see more in our latest Binance news.

The regulatory pressure around Binance keeps increasing as Italy joined the club of jurisdictions that issued notices referring to the biggest crypto exchange by trading volume. Italian governemnt authority that is responsible for regulating the country’s securities market, issued a warning that states Binance is unauthorized to provide services in the country. Italy’s Financial regulator CONSOB shared a notice:

“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.”

Without providing more background for the notice as to why the exchange got singled out, CONSOB generally invited some savers to make use of the diligence in order to make their investment choices fully aware and to verify in advance that the websites through which they make the investment attributed to authorized subjects. The government authority continued the statement cautioning the savers about crypto investments that could imply the total loss of the money invested. According to CONSOB because of its complexity and high volatility, crypto investments present “not immediately perceptible” risks.

Binance keeps taking a beating from the regulators in a few countries like Japan, UK, United States, and the Cayman Islands. The British banks Santander and Barclays announced they are preventing customers from making payments to the exchange while Thailand’s financial watchdog filed a criminal complaint against Binance for operating with no license. The founder of the exchange Changpeng Zhao posted a letter where he admitted the company didn’t get everything right because of its fast growth which could lose some of its speed due to legal and regulatory issues.

As reported recently, Binance stops selling Facebook, Tesla, and Google stock tokens, halting all operations which prevent users from buying and selling tokenized stocks of popular equities. Binance stops selling the tokenized stocks and said it will stop the stock tokens so it can focus on other product offerings. Launched back in April, the stock tokens are tokenized versions of popular equities like Facebook, Tesla, Google, and Coinbase among others.