Binance is Not Authorized to Operate, Italian Regulators Say

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In Brief
  • Italy's watchdog group has issued a warning to Binance about offering services in the country.

  • The statement also warns citizens about using services that are not "authorized subjects."

  • This is just the latest in a long line of warnings that Binance has been issued around the globe.

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Italy joins a growing number of countries that have warned Binance about operating without proper licenses. 

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Cryptocurrency exchange Binance has been told by the Commissione Nazionale per le Società e la Borsa (Consob) that they are not authorized to carry out activities in Italy. The watchdog group announced that Binance Group is not permitted to provide investment services or activities in Italy. That includes Binance.com, the main website of the global exchange. 

The warning from Consob went on to inform the public about the issues surrounding Binance’s status in Italy along with suggesting people think twice before affiliated themselves with unauthorized services such as Binance. 

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Translated from Italian, the Consob warning reads “Investors are invited to make use of their utmost diligence in order to make their investment choices in full awareness, verifying in advance that the websites through which they make the investment can be attributed to authorized subjects.”

Binance getting it from all sides

Italy has become the latest of many countries to issue a public warning to Binance regarding regulatory operations. It seems the world’s largest crypto exchange just can’t keep its nose clean. 

As far as Binance’s issues in Italy go, this is not the only hurdle facing the exchange. Last week, Binance was hit with a lawsuit by a group of Italian investors represented by the firm Lexia Avvocati. The suit alleged that legal action must be taken to retrieved damages from trade on Binance and that the exchange broke its own rules on futures trading. 

It is not only lawsuits like this Binance is facing, a growing number of nations are facing major issues with the exchange. Regulators worldwide have issued warnings against Binance including Poland, the United Kingdom, Canada, Germany, Thailand, Japan, and the United States. 

These warnings have caused a number of Binance’s partners to flee in the wake of all this drama. Both Barclays and Santander have started blocking all transactions to Binance. Meanwhile, Binance has also lost its payment solution partner in the United Kingdom, Clean Junction. The loss of its latest alley has cause Binance to suspend all withdrawals in pound sterling to UK customers until further notice. 

Meanwhile, Binance continues to maintain they are following all the regulations laid out by regulators and will continue to work with these nations in order to remain compliant.

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Matthew De Saro is a journalist and media personality specializing in sports, gambling, and statistics. Before joining BeInCrypto, his work was featured on Fansided, Forbes, and OutKick. With a background in statistical analysis and a love of writing, he takes an outside-the-box approach to reporting news.

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