Italian Securities and Exchange Commission (Consob): Binance has no authorization to provide services in Italy

The reaction from the European Union was expected, and directly from Italy, in the framework of the Investors class action against Binance for tens of millions because of the disruptions of the futures platform, because the information about the class action by the law firm Lexia Avvocati (Italy) is widely covered in the media and the reaction was announced yesterday (July 15, 2021).

The Italian Securities and Exchange Commission (Consob) issued an official warning about the cryptocurrency exchange Binance. The regulator reports that the company does not have permission to provide investment services in the country. The agency separately noted that the warning applies not only to the legal entity but also to the Binance.com website, which offers the relevant services:

PRESS RELEASE

"Consob warns that companies within the Binance Group are not authorized to provide investment services and conduct activities in Italy, including through the Binance.com website, which features sections such as "Derivatives" and "Securities Tokens," the notice said.

Consob urges investors to exercise "maximum caution" when using financial products online and to check whether their providers have official permission from authorities. Separately, the agency singles out transactions in cryptocurrencies, investments in which can result in the loss of assets.

"It is important that investors be aware of the risks of crypto-assets, which may not be obvious due to their complexity," the regulator adds.

We can safely add this ban on Binance's activities in Italy to the general piggy bank of bans. If the Italian Securities and Exchange Commission (Consob) issued such a warning - we think the EU will gradually squeeze the unregulated Binacne casino from the financial services market in its territory, as China does. No one wants an underground casino with a dubious reputation for fraud.

17.07.21

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