Crypto Exchange Binance Unauthorized To Work In Italy, Says Regulator

According to Italy’s financial regulator, crypto exchange Binance is not authorized to offer services and activities in the country.

CONSOB Calls Crypto Exchange Binance Unauthorized

Italy’s CONSOB has said in a press release that Binance has no authorization for carrying out activities in the nation.

CONSOB is a financial regulator responsible for regulating Italy’s securities market, including the stock market.

Related Reading | Gemini Exchange Sticks The Boot In As Regulatory Woes Pile On For Binance

The press release reads:

Consob warns savers that the companies of the “Binance Group” are not authorized to provide investment services and activities in Italy

Despite some sections being previously written in Italian on www.Binance.com, CONSOB mentions that the platform still can’t provide services through the website.

The Binance platform offers a wide variety of services like trading of digital assets and stock tokens. It was the largest crypto exchange by trading volume in the month of June.

Only last month the regulator asked savers to adopt utmost caution when dealing in crypto assets. CONSOB has now reiterated the statement saying:

Furthermore, savers are invited to adopt the utmost caution in making transactions on instruments related to crypto-assets.

This notice isn’t the first time that the crypto exchange has received something like this. In fact, Binance has been facing issues related to regulation and authorization in a number of other countries for a while now.

Last month, UK’s financial watchdog barred Binance from providing regulated services in the country. US, Japan, and Germany are some of the other nations that have targeted the platform.

CONSOB further adds:

Savers are invited to make use of their utmost diligence in order to make their investment choices in full awareness, verifying in advance that the websites through which they make the investment can be attributed to authorised subjects.

Bitcoin Price

At the time of writing, BTC’s price floats around $31.8k, down almost 3% in the last 7 days. Over the past month, the crypto has dropped 20% in value.

Here is a chart showing the trend in Bitcoin‘s price over the last 6 months:

BTC's price is on a downward trend | Source: BTCUSD on TradingView

Bitcoin continues to be in a range bound market as the crypto’s price remains between the $35k and $30k levels. However, for a few days now the coin seems to be in the lower end of the range.

Related Reading | Yet Another Crackdown On Bitcoin Mining: China’s Anhui Province To Shutdown Crypto Miners

It’s unclear if BTC will keep the downward trend going this time or if buyers would pump it back up before hitting the $35k resistance.

If Bitcoin loses the $30k support level, a bear market might possibly take hold. On the other hand, a bull market could be ahead if the crypto is able to turn it around and break the $35k resistance.