According to the Italian Companies and Exchange Commission (CONSOB), Binance has no government backing to operate within the country.
The Italian regulatory body has said that Binance Group and any firm that comes from it are not authorized to do business in the country nor to accept deposits for profit making purposes from residents.
In fact, the emphasis was on Binance.com, which is the major medium through which people exchange cryptocurrencies. CONSOB warned Italians that any business done with Binance was strictly at their own risk.
Italy and some other countries are now speaking with one voice concerning Binance’s modus operandi.
Binance is also faced with a case filed by some investors in Italy and beyond. A week ago, a local legal firm named Lexia Avvocati said it was dragging Binance to court for inflicting damages on its consumers especially those that were hit by its irregularities in implementing futures trading rules.
CONSOB is now one out of some other regulatory bodies that do not want Binance’s continuous presence in their teritiories. The others include Germny, the U.K., Poland, Thailand, Japan, Singapore, and others.
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