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Italian regulator joins countries in Binance warnings

Posted:: Jul 15, 2021 11:08 Category: Crypto , Europe , Regulatory , Posted by Jeremy Micallef

Italian securities market regulator CONSOB warned that Binance is not authorised to facilitate crypto investment services in the country

The Companies and Exchange Commission (CONSOB) in Italy, their securities market regulator, issues a statement saying that Binance Group and affiliated companies are unauthorized to provide investment services and operate in Italy, specifically Binance.com. They also advised caution when making investments as there could be potential implications as to Binance’s legal status in the country.

CONSOB main building entranceItaly is not the first to make this statement as several regulators have made such public warnings about Binance in recent weeks.

In their statement, CONSOB clarified that “in any case, it is important that investors are informed that transactions in instruments related to crypto-assets may pose risks that are not immediately perceptible due to their complexity, high volatility as well as for security vulnerabilities.”

Binance has been facing a class-action suit from a group of Italians and international investors, and legal action to recover damages from trades on Binance where the plaintiff(s) is alleging that the company violated its own rules on futures trading.

The other countries that have made similar statements against Binance include the US, Singapore, Japan, Thailand, the UK, the Cayman Islands, Canada, Poland and Germany.

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