Italy Securities Regulator Consob Issues Warning Against Binance Exchange

Sahaj  |  Jul 15, 2021

The securities regulator of Italy, Consob has recently released a statement saying Binance exchange is not authorized to offer its services in the country. Consob’s latest warning against the exchange has added Italy to the list of global regulators opposing Binance.

Consob Italy Says Binance Exchange Unauthorized to Operate in the Country

As revealed by the regulatory body on Thursday, Binance has faced yet another backlash as the statement said:

"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."

In response to this, a spokesperson for the Binance Exchange said:

“This has no direct impact on the services provided on Binance.com.”

Being available in the Italian language since the year 2018, Binance even includes derivatives and stock tokens in Italian.

The spokesperson for Binance revealed:

“We are aware of the notice from CONSOB and can confirm that Binance.com does not operate out of Italy. We take a collaborative approach in working with regulators and we take our compliance obligations very seriously. We are actively keeping abreast of changing policies, rules and laws in this new space.”

Global Crackdown on The Leading Platform 

Recently, Binance has faced a lot of notices, warnings, and even legal actions against it, starting with the ban imposed on Binance by the Financial Conduct Authority (FCA) of the United Kingdom.

In addition to this, it should be noted that following the warning from the authority, Binance has been losing fiat on-ramps as banks such as Barclays and Santander UK have decided to block user payments to the exchange.

Apart from Italy and the United Kingdom, the regulatory authorities in other countries such as Japan, Cayman Islands, Poland, and Thailand are on the list of countries that have either issued a warning against the exchange or have taken legal actions against its operations in their country.

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