Italy has become the latest jurisdiction to clamp down on Binance amid regulatory pressure around the world centered on the biggest crypto exchange by trading volume.
Fast facts
- Binance Group companies are “are not authorized to provide investment services and activities” in Italy, not even through the exchange’s website, “whose sections called ‘derivatives’ and ‘Stock Token’, relating to instruments related to crypto assets, were previously also written in Italian,” the country’s securities regulator, Commissione Nazionale per le Società e la Borsa, said in a statement.
- Although it did not state why it had issued the warning, the regulator advised customers to exercise “utmost caution” when trading crypto assets, which could lead to “the total loss of the sums” invested.
- Binance is in hot water with regulators in several countries, including the United States, Japan, the UK and, most recently, the Cayman Islands. Earlier this month, British bank Barclays prevented its customers from making payments to the exchange.
- Even though regulators and law enforcement agencies have collaborated with Binance in investigating cybercrimes involving the platform, they appear disinterested in publicly expressing their appreciation for its assistance, Bloomberg reported yesterday.