Italian Companies and Exchange Commission has warned Italians to avoid trading with Binance as the cryptocurrency exchange is not authorized to facilitate crypto investment services in the country.
The Italian Entities and Exchange Commission (CONSOB), Italy’s securities market regulator, has published a statement stating that Binance Group and connected companies are not authorized to provide investment services or operate in Italy.
The regulator clarified that the warning applies to Binance.com, the global crypto exchange’s main website. CONSOB went on to warn the public about the potential consequences of Binance’s legal status in Italy, urging prudence while making investing decisions.
Italy has become the latest country to issue a public warning about Binance, the world’s largest cryptocurrency exchange by trading volume.
“In any event, investors should be aware that transactions in instruments related to crypto assets may offer risks that are not immediately apparent because to their complexity, high volatility, and security vulnerabilities,” according to CONSOB.
Binance is currently facing a class-action lawsuit from a collection of Italian and international investors.
Last Monday, Lexia Avvocati, an Italian law firm, announced a legal case against Binance to recoup damages from deals on the platform, arguing that the exchange had broken its own rules on futures trading.
CONSOB’s latest warning follows a growing list of regulators who have issued similar warnings against Binance, including those in Poland, Germany, the United Kingdom, the Cayman Islands, Thailand, Canada, Japan, Singapore, and the United States.
