Binance News: Italy’s securities regulator, the Commissione Nazionale per le Società e la Borsa (Consob), has announced that the crypto exchange Binance is not authorized to provide investment services and activities in Italy.
In the statement accompanying the announcement, Consob notes that the exchange’s website, Binance.com, includes sections describing derivative and equity tokens previously written in Italian.
In a statement, Consob urged investors to be “extremely careful” when dealing with crypto assets and reminded investors that they could lose all their money.
The Italian regulator’s move follows a series of recent actions taken against Binance by regulators in several other countries.
Last month, the UK’s Financial Conduct Authority issued a consumer warning against Binance’s British subsidiary, Binance Markets Limited. While UK customers can still trade cryptocurrencies on Binance, the exchange is struggling to maintain fiat payment channels, with many banks including Santander and Barclays blocking payments to the exchange and suspending deposits and withdrawals of sterling. Binance also suspended SEPA Euro bank deposits.
That same month, Japan’s financial regulator, the FSA, issued a warning that the crypto exchange was operating without registration.
Regulators objected to Binance’s approach to anti-money laundering regulations, and specifically the exchange’s lack of a headquarters. The FCA said it had “concerns” about money laundering and that the lack of headquarters was a big problem.