Binance cannot operate in Italy, neither through its companies nor its website.
The Italian securities commission warned about the risks of trading cryptocurrencies.
The National Commission of the Stock Market of Italy (CONSOB, for its acronym in Italian) issued a statement, according to which the companies belonging to Binance Group are not authorized to offer investment services in the European country.
This even includes the offer “through the site www.binance.com”, says the text, published this Wednesday, July 15. Although the caveat is general, the document specifically mentions the sections of derivatives and tokens of shares of companies, which has been particularly controversial.
Without directly attacking Binance, the Italian financial authority warned about the possible risks of trading cryptocurrencies, at the same time that it invited its citizens to “take the utmost care to make fully conscious investment decisions.”
We invite you to exercise the utmost caution when conducting transactions on instruments related to crypto assets that may involve the total loss of the sums of money used.
National Commission of the Italian Stock Market.
The organization assured that investment operations related to cryptocurrency “may present risks that are not immediately perceptible, due to their complexity, the high volatility of the prices of these instruments, as well as due to malfunctions and cyberattacks.”
In addition to the risks inherent in their investment, the CONSOB warned Italians to check “in advance that the Internet sites through which it makes the investment are attributable to authorized parties [por el organismo]».
Obstacle course for Binance
The Italian financial regulator’s statement comes amid a series of bans and legal obstacles facing Binance, the exchange for bitcoin and other cryptocurrencies with the largest trading volumes in the world, in data from LiveCoinWatch.
At the beginning of this month of July, CriptoNoticias reported that the exchange site was already facing regulatory obstacles in six countries. Namely: United Kingdom, Singapore, Thailand, Cayman Islands, Japan and Malaysia.
Lugo, China blocked access to the platform’s website, as it has done with other exchanges. Meanwhile, the British financial services company Barclays began to prevent debit or credit card payments from your customers to Binance, with the intention of “protecting your money.”
Binance has not issued a response to the Italian ban. However, it has historically expressed its intention to comply with the legal framework in each country where it operates, as well as with the so-called International Financial Action Task Force Travel Rule, sharing its clients’ data with other exchanges.
Additionally, they have maintained a policy of cooperation with the authorities, in investigations related to money laundering or scams, as we have outlined in this medium.