Italian Finance Regulator Issues Warning On Binance Crypto Exchange

Crypto exchanges are marketplaces that enable users to buy and sell cryptocurrencies. Every user who wants to enter the crypto world needs to buy bitcoin or other cryptocurrencies from the crypto exchange. While there are many more ways to own cryptocurrencies, buying through a crypto exchange is the best option. You must have heard about popular crypto exchanges like Coinbase, Binance, and more. For everyone who thinks that Binance is a popular and authorized crypto exchange, it is not. Italian Exchange Commission and Companies have warned investors about Binance stating that it is not an authorized exchange that facilitates crypto investment services.

 

The Securities Market Regulator of Italy, CONSOB, recently issued a statement that cleared that Binance Group is an unauthorized exchange that operates in Italy. The regulator also mentioned on the techtimes website and the Binance group website that Binance.com is not authorized. As soon as the statement was issued, CONSOB went on warning the public about the legality status of Binance and the potential implications. It also advised people to take caution while making crypto investments.

Not only Italy, but it has joined many other countries in issuing the warning amongst the public regarding Binance that is known to be the largest crypto exchange across the world in terms of its trading volume. CONSOB said that it is crucial for all investors to be informed about crypto assets that involve risks and are not immediately observable because of extreme volatility, fluctuations, security vulnerability, and complexity.

In the last and latest warning, it has been observed that Binance group has faced class-action suit from national and international investors. Legal action will be taken against the crypto exchange to recover all the damages of people from trades, and it is suspected that Binance Group has also violated the rules on trading of cryptocurrencies. CONSOB has joined a large number of regulators in issuing warnings against the Binance crypto exchange and making moves in other parts of the world, including the United States, Germany, United Kingdom, Poland, Canada, Japan, The Cayman Islands, and Thailand.

It is crucial to do proper research before buying or selling cryptocurrencies at any crypto exchange. The Reserve Bank of India has issued warnings against many exchanges, and it maintained its stance on the ban of digital currencies. Earlier, RBI has also advised people to hold cryptocurrencies at their own risk.

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