Binance exchange is 'banned' in Italy

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The Italian Business and Exchange Commission (CONSOB), the country’s stock industry regulator, has just announced that Binance Group and its affiliated corporations are not authorized to operate and supply investment solutions in Italy. .

In notification, the regulator stated that this warning is aimed at Binance.com, the major site of the international cryptocurrency exchange. CONSOB also warned the public about the possible implications for Binance’s regulatory standing in Italy, advising end users to work out caution when building investment selections.

Italy, along with numerous nations, just lately issued a public warning pertaining to Binance, the world’s biggest cryptocurrency exchange by trading volume.

“In any event, it is important for investors to be aware that transactions in crypto-asset related instruments can present risks that are not immediately noticeable due to the complexity, high volatility as well as security vulnerabilities,” emphasized CONSOB.

The new warning comes as Binance faces a class action lawsuit from a group of Italian and worldwide traders. Last week, Italy-primarily based legal company Lexia Avvocati launched a legal action towards the exchange looking for damages from transactions on Binance, alleging that the firm violated rules. personal guidelines for trading futures contracts.

Several regulators all around the globe have issued warnings towards Binance such as: Poland, Germany, United Kingdom, Cayman Islands, Thailand, Canada, Japan, Singapore, and the United States.