Consob, the Italian Securities and Exchange Commission has warned about the operations of the Binance cryptocurrency exchange unit. According to comparison reports, the company cannot provide investment services in Italy. Separately, the Department noted that the warning is not limited to legal entities but also applies to Binance.com websites providing appropriate services.
CONSOB declares that Binance cannot operate in Italy
Consob encourages investors not to use financial products online without their permission. Separately, Consob allocates operations with cryptocurrency, which can cause asset loss.
In a press release, CONSOB states that Binance is not allowed to operate in Italy:
CONSOB warns that companies in the Binance Group are not authorized to provide investment services and conduct business in Italy, including through Binance.com, which contains sections such as Derivatives and Securities Tokens.
The activities of Binance were first brought to the attention of authorities in several jurisdictions, including Canada, Japan, and Thailand. Users in Europe encountered difficulties with funds transfers to the exchange by using specific payment methods.