Binance Not Authorized to Operate in Italy, Regulator Says


Italy’s regulator, the CONSOB has issued a warning against Binance saying it is not authorized to provide investment services and operate in Italy.

July 15, 2021, | AtoZ Markets – The Italian Securities and Exchange Commission (CONSOB) has joined a list of watchdogs globally that are scrutinizing Binance and its business dealings.

On Thursday, the Italian regulator issued a warning about the activities of the Binance cryptocurrency exchange. The regulator informs that the company does not have permission to provide investment services in the country.

The department separately noted that the warning applies not only to a legal entity, but also to the Binance.com website, which offers the relevant services.

CONSOB says Binance is not authorized to operate in Italy

“CONSOB warns that companies in the Binance Group are not authorized to provide investment services and conduct business in Italy, including through Binance.com, which contains sections such as Derivatives and Securities Tokens.,” said in a press release.

CONSOB urges investors to exercise “utmost caution” when using financial products on the Internet and to check if their suppliers have official authorization from the authorities. Separately, the department allocates operations with cryptocurrencies, investments in which can result in a loss of assets.

“It is important that investors are aware of the risks of crypto assets, which may not be obvious due to their complexity,” the regulator adds.

Earlier, AtoZMarkets reported that the authorities of several jurisdictions at once drew attention to the activities of Binance, including the UK, Canada, Japan, Poland, Thailand, and the Cayman Islands. Subsequently, users in Europe had difficulty transferring funds to the exchange using some payment methods.

Read also: More Woes for Binance as UK’s Clear Junction Cut Ties

As AtoZMarkets reported on Wednesday, Binance suspended withdrawals of pounds sterling after Faster Payments ended its agreement with the cryptocurrency exchange.

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