Italian regulators say Binance is not authorized to operate in the country
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Italian regulators say Binance is not authorized to operate in the country

Saudu Clement
Saudu Clement

The global scrutiny on Binance appears to be heating up as another country issues stern warnings regarding the operations of the crypto exchange. The Italian Companies and Exchange Commission (CONSOB) said in a statement on Thursday that the leading crypto exchange was not authorized to operate in the country.

Italy’s financial regulatory watchdog issued a stark warning about Binance, noting that Binance Group (including Binance.com) is not authorized to provide investment services in the country.

CONSOB warns savers that the 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, was previously also written in Italian.

In the same statement, CONSOB advised users to “adopt the utmost caution in making transactions on instruments related to crypto assets,” since they were at risk of incurring losses.

Over the past few weeks, Binance has come under heavy fire from regulators across the globe. Regulatory bodies in the UK, Japan, Thailand, Malta, Germany, and the Cayman Islands, have either issued warnings to citizens or moved to halt the operations of the exchange.

In response to the ongoing pressure, Binance has also made adjustments to its operations, especially in the UK. A few days ago, the exchange blocked British Pounds (GBP) and Euros (EUR) withdrawals on its platform.