- Binance crypto exchange continues to get hits from several financial regulators globally
- Where countries like UK, Japan, Thailand, Canada were already opposing its operations, Italy have also joined them
- Italy’s Consob accused the firm of operating unlicensed in the region
- Like other nations, Binance is also seeking collaborative approaches to working with the Italian financial regulator
Binance crypto exchange is facing turbulence due to financial regulators globally. Several financial regulators are accusing or restricting the digital assets exchange of operating in their region. In recent developments, Italian financial regulator Consob has recently published a letter to the digital currency exchange. In the statement, the regulator claimed that it is not authorized to offer such services in the country. Indeed, such statements have added Italy as another country opposing the digital assets exchange from operating.
Binance crypto exchange is operating unlicensed in Italy
The Italian financial regulator on Thursday accused Binance crypto exchange of operating with no permission in the region. It is another backlash faced by the digital currency exchange.
The financial regulator has warned the proponents of the exchange that the platform is not authorized. Hence, the [platform cannot offer investment services and activities in the region. Simultaneously, the users are also not allowed to trade digital currencies using the Binance.com platform.
According to a spokesperson from Binance, the hit of the enforcement agency has no direct impact on the services offered by the firm.
Collaborative approach to work with Consob
Since 2018, the Binance crypto exchange has implemented the Italian language. Moreover, the firm also added Italian derivatives and stock tokens. However, the recent hit has restricted all such trades.
According to the spokesperson, the Italian subsidiary of the exchange platform is aware of the notice. Hence, Binance is working on taking a collaborative approach with the regulators and taking its compliance obligations very seriously. Furthermore, the firm is actively keeping abreast of changing laws and rules in the new sphere.
Binance’s crackdown list is increasing
Like Italy, the digital assets exchange has already been restricted from operating in the United Kingdom, Japan, and few other regions. The United Kingdom regulators banned Binance crypto exchange’s UK subsidiary Binance Markets Limited (BML). And ordered the firm not to undertake any regulated activities in the region. However, the users are allowed to trade on the Binance.com platform.
Japan is another country that similarly accused the exchange of operating unlicensed. Moreover, the agency claimed that the firm is operating with no permission.
Simultaneously, the Thai SEC also issued a warning letter for operating unlicensed in the country. And also, the regulators filed a case regarding the firm prohibiting it from operating in the country.
Besides the Asian and European region, the Binance crypto exchange is also facing tough times in America. Canada’s Ontario regulators have also issued statements of allegations against the crypto firm. Ontario Security Commission (OSC) accused the firm of failing to comply with the local regulations.
Binance’s team are still positive
Following the scenario, it is clear that Binance is facing a heavy, turbulent period. Still, the team behind the firm is observed to be positive. Chengpeng Zhao, the CEO of the exchange platform, highlighted that as a four-year-old start-up in the cryptosphere and being the largest digital assets exchange, they are still having a lot of space to grow. Hence, they believe that the exchange is still in its learning period.