Italian financial regulator issues warning on Binance cryptocurrency exchange

Italian Securities Market Supervisory Agency Italian Companies and Exchange Commission (CONSOB) release A statement stated that Binance Group and its affiliates are not authorized to provide investment services and operations in Italy.

The regulator pointed out that the warning refers to Binance.com, the main website of global cryptocurrency exchanges. CONSOB continues to warn the public about the potential impact of Binance’s legal status in Italy, and recommends caution when making investment choices.

Italy has joined an increasing number of countries and issued a public warning to Binance, the world’s largest cryptocurrency exchange by trading volume.

CONSOB pointed out: “In any case, it is important to inform investors that trading of instruments related to crypto assets may bring risks that cannot be immediately detected due to their complexity, high volatility, and security vulnerabilities.”

The regulator did not immediately respond to Cointelegraph’s request for comment.

related: “Compliance is a journey,” Binance CEO said during a regulatory review

The latest warning comes as Binance faces a class action lawsuit from a group of Italian and international investors. Last week, Lexia Avvocati, a law firm based in Italy Announce legal action A lawsuit was filed against the exchange for damages from Binance’s transactions, accusing the company of violating its own futures trading rules.

When issuing the latest warning, CONSOB joined more and more regulatory agencies that issued warnings to Binance, echoing Similar actions by the authorities In Poland, Germany, the United Kingdom, the Cayman Islands, Thailand, Canada, Japan, Singapore and the United States.