Italian Companies and Exchange Commission has issued warning to Binance that it is not authorized to facilitate crypto investment services in the country.
The Italian Companies and Exchange Commission (CONSOB) which is the countries securities market regulator, issued a statement, in which it stated that Binance Group and affiliated companies are not authorized to provide investment services and operate in Italy.
The regulator stated that the warning refers to Binance.com, which is the main website of the global crypto exchange. CONSOB went on to caution the public about potential implications of Binance’s legal status in Italy, advising to exercise caution in making investment choices.
Italy has joined the growing number of countries to issue a public warning regarding Binance which include Poland, Germany, the United Kingdom, the Cayman Islands, Thailand, Canada, Japan, Singapore and the United States.
The latest warning comes as Binance faces a class-action suit from a group of Italian and international investors. Last week, Italy-based legal firm Lexia Avvocati announced a legal action against the exchange to recover damages from trades on Binance, alleging that the company violated its own rules on futures trading.
