The kicks keep coming for Binance, who today was told that it is no longer authorized to operate within the country of Italy. The crackdown follows a string of jurisdictions working to halt the crypto exchange from operating within their borders, including the Province of Ontario, Canada, and the United Kingdom.
First reported by Reuters this morning, Consob, the arm of the Italian government that is responsible for the Italian securities markets, has indicated within a notice that Binance has no authorization to “provide investment services and activities in Italy.” Binance, of course, has reportedly stated that the notice has no impact on their operations.
In addition to warning Binance and its users about the crackdown, the regulator took the opportunity to warn about crypto assets as a whole, stating, “Furthermore, savers are invited to adopt the utmost caution in making transactions on instruments related to crypto-assets, for this may imply the total loss of the sums of money invested and it is recommended to savers to always follow the general rule of considering the signing of contractual proposals only when they have an adequate understanding and only when they are assisted by clear and complete information also on the identity of the contractual counterparty who may propose himself as a service provider.“
Notably, the Italian regulator differs from several of its global peers in that it has the power to demand internet providers to stop providing service to unauthorized investment services providers. The regulator reportedly stated this directly to the exchange in a letter sent to their lawyers.
It’s unclear at this point in time however whether such actions have been ordered by the regulator as of yet.
Information for this briefing was found via Reuters, Binance. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.