Italy’s financial regulator, CONSOB, announced that Binance is not authorised to provide investment services in the country.
Companies of the Binance Group are not authorised to provide investment services and activities in Italy despite parts of the websites being written in Italian, CONSOB said in a statement.
“Savers 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.
”Furthermore, savers are invited to adopt the utmost caution in making transactions on instruments related to crypto-assets, for this may imply the total loss of the sums of money invested and it is recommended to savers to always follow the general rule of considering the signing of contractual proposals only when they have an adequate understanding and only when they are assisted by clear and complete information also on the identity of the contractual counterparty who may propose himself as a service provider.”
The statement follows after the regulator said that the unsupervised spread of crypto was a cause for concern. The CONSOB Chairman explained: “Without proper oversight, there could be a worsening in market transparency, the basis of legality and rational choice for (market) operators.”
Just last month the UK financial watchdog banned Binance from undertaking any regulated activity in the UK.
Missed FinCrime World Forum’s livestream experience? No problem, simply click here to access the sessions on demand.