Binance has garnered another warning from a brand new regulator. Italy had jumped on the bandwagon after Japan, UK, Cannada, Poland, Thailand, and the Cayman Islands.
Prominent cryptocurrency exchange, Binance, was flourishing right after the crypto-verse began booming in terms of price. As the industry’s popularity advanced, crypto exchanges, prevalent ones like Binance, welcomed an array of new members into the market. This streak was disrupted with the intervention of regulators from around the world.
Just as Binance was trying to deal with one regulator, another one would pop up with a notice. The list seemed neverending as Italy’s Companies and Exchange Commission [CONSOB] became the latest addition.
Italy’s financial regulator calls out Binance
In a recent announcement, the Italian regulator CONSOB pointed out that Changpeng Zhao’s exchange wasn’t authorized to operate in the region. The regulator made sure to stress the fact that investors were to invest in “utmost diligence.”
The notice further read,
“Consob warns savers that the companies of the ” Binance Group ” are not authorized to provide investment services and activities in Italy, not even through the website www.binance.com whose sections called ” derivatives ” and ” Stock Token “, relating to instruments related to crypto-assets, were previously also written in Italian.”
In addition to this statement, Italy’s regulator made sure to warn investors in making hasty decisions, particularly with regard to crypto-assets. The regulator noted that investors had to handle crypto with utmost caution as it could lead to a loss of money.
The crypto exchange could be losing out on significant partners across the globe if the regulatory pressure on it persists. The exchange has already lost an array of partners in the UK. Just yesterday, Binance went on to put a hold on withdrawals in GBP for the customers of the UK. These glitches could pose unfavorable for the platform, which could further pave the way to the loss of customers.