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Another warning for Binance by Italian regulatory authority

Cryptopolitan


TK;DR Breakdown

  • Binance has been on the hitlist for its activities in many countries.
  • It has been receiving warnings from countries like South Korea, Germany, and now Italy.
  • Italian regulatory authority warned the citizens that Binance doesn’t have permission to operate.

Binance is the world’s largest crypto exchange and has been receiving a warning from one regulatory authority to another. The Italian regulatory authority CONSOB or Italian Companies and Exchange Commission issued a public warning stating that the exchange had no permit to further its operations in the country.

According to CONSOB, the Binance Group and any service that is a by-product of the Group do not have any legal backing in the country. The Italian regulatory authority wants the citizens to understand the risks involved in using the services provided by the Group.

Italian regulatory authority wants people to make wise decisions

The Italian regulatory authority released the warning so that the people investing their funds in cryptocurrencies in the country might be aware and understand the potential risks involved with trading and investing using Binance.

Along Italy, Germany, Cayman Islands, Japan, and South Korea are some of the recent members to issue these warnings to the crypto exchange. According to the CONSOB, the dangers of investing might not be spontaneously visible due to high volatility but, things might get ugly later on in the journey.

Binance facing a lawsuit from Italian investors

A lawsuit had been filed against the world’s biggest crypto exchange prior to the warning released by the Italian regulatory authority. A legal firm based in Italy, called the Lexia Avvocati, had filed the case to recover the losses it had succumbed during futures trading.

According to the lawsuit, the firm claims that Binance was responsible for violating its own terms and conditions on futures trading, and they seek compensations. The lawsuit, together with the new warning issued by the Italian regulatory authority, might prove fatal for Binance.



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