- Italian regulator has warned citizens about Binance Group.
- Italy joined the list of countries to issue a warning regarding Binance.
Today, the Italian Companies and Exchange Commission (CONSOB) has warned citizens about Binance Group.
According to CONSOB, Binance Group is not allowed to provide investment services and activities in Italy. Also, the regulator specified that the firm can’t offer its services through the website www.binance.com whose sections are called “derivatives” and “Stock Token”.
In the press release, the Italian authority also drew the attention of its citizens. The regulator invites savers to use their utmost diligence to make their investment choices carefully. More so, CONSOB urges people to verify in advance that the websites through which they invest can be attributed to authorized subjects.
CONSOB also stressed that crypto, in general, involves high volatility. Thus, people should be careful when making transactions. The regulator noted,
In any case, investors must be informed that transactions in instruments related to crypto-assets may pose risks that are not immediately perceptible due to their complexity, high volatility as well as security vulnerabilities.
Of note, Italy is the latest country to join the growing list of countries to issue a warning regarding Binance. Binance is the world’s largest crypto exchange by trading volume.
Last month, the UK Financial Conduct Authority issued consumer warnings on Binance Markets Limited and the Binance Group. According to FCA, Binance Markets Limited can’t engage in any regulated activity in the UK.