Italian Regulators Raises Warning Against Binance
Italian Companies and Exchange Commission issued a warning against Binance. They warned people to use Binance because exchange is unauthorized and all their activities are not under any law/license or permission.
Binance is a biggest crypto exchange in the cryptocurrency market by trade volume. And in the last few months many countries’ regulatory authorities raised issues & took action against them. Now this time Italian regulators, which are against Binance operations in Italy.
The Italian Companies and Exchange Commission (CONSOB) published an issue against Binance. According to the raised issue by CONSOB, Binance & its affiliated entities/groups are unauthorized and they have no permission/license to run their Crypto services in Italy.
Regulators also warned all the Italian Binance users. They said if they are using Binance for crypto assets then they should be careful about their choice because there is no regulation & authorization taken by Binance.com to operate their services at global level & also in Italy.
“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”
CONSOB stated
Reports also say, Italian regulators will now join all other regulating authorities of other countries to raise issues & take action against Binance exchange & its affiliated groups.
It is expected, Italian regulators comes into action against Binance because recently a firm Lexia Avvocati based in Italy filed a lawsuit against Binance.com for its future Trading rules that are voilated by exchange itself. They are asking compensation of what they lost on Binance.
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