Italy has been merged with a rising number of countries issued warning against Binance. Binance is warned by the Italian Companies and Exchange Commission (CONSOB), to stop crypto investment services in the country. The warning given by regulators specified that it directly relates to Binance.com.
Binance is warned by the Italian Companies and Exchange Commission (CONSOB) to stop crypto investment services in the country.
According to the statement issued by the Companies and Exchange Commission (CONSOB), the Binance organization and affiliated companies are unlicensed to contribute to any investment services and thereby manage in the country.
The warning given by regulators specified that it directly relates to the central website of the global crypto exchange that is Binance.com. Also, the CONSOB notify the people about the importance of Binance’s legal status in Italy, instructing them to take the warning while making an investment.
Recently, to issue public warnings regarding Binance, Italy has merged with the rising number of countries, the world’s biggest cryptocurrency exchange by exchanging amounts.
“In any case, it is important that investors are informed that transactions in instruments related to crypto-assets pose risks that are not immediately perceptible due to their complexity, high volatility as well as security vulnerabilities”
CONSOB claimed
However, the Binance deals with the class-action lawsuit from an Italian organization and international investors. Last week, Lexia Avvocati, the Italy-based legal firm state legal litigation against the exchange to repay damages from trades on Binance, claiming that the company failed to follow its rules on futures trading.
Presently CONSOB has also engaged with the rising number of regulators which have already issued alerts against Binance in Poland, Germany, the United Kingdom, the Cayman Islands, Japan, etc.
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