Italian finance regulator issues warning against Binance
Italian companies and the Exchange Commission (CONSOB) have warned that Binance isn’t authorized to facilitate crypto investment services within the country.
Italy’s securities market regulator, the Italian companies and Exchange Commission (CONSOB), has issued an announcement, in which it stated that Binance Group and affiliated corporations are not authorized to provide investment services and operate in Italy.
The regulator described the caution as referring to the main website of the global crypto exchange. CONSOB went on to warn the general public about potential implications of Binance’s legal status in Italy, telling them to exercise caution in making investment selection.
Italy has one of them which issues a public warning regarding Binance.
“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 security vulnerabilities,” CONSOB experienced.
The latest caution comes as Binance faces a class-action suit from a community of Italian and international investors. Last week, Italy-based legal company Lexia Avvocati declared a legal action against the exchange to recover damages from trades on Binance, alleging that the corporation profaned its own rules on futures trading.
In serving the most recent warning, CONSOB joins the countries which issued warnings against Binance. Following countries issue warnings against Binance: Poland, Germany, the United Kingdom, the Cayman Islands, Thailand, Canada, Japan, Singapore and the United States.