on the crypto
According to the Italian financial regulator, the cryptocurrency exchange Binance is not authorized to offer services and activities in the country.
CONSOB defines the Binance cryptocurrency exchange as unauthorized
The Italian CONSOB said in a press release that Binance does not have the authorization to conduct business in the nation.
CONSOB is a financial regulator responsible for regulating the Italian securities market, including the stock market.
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
Although some sections have previously been written in Italian on www.Binance.com, CONSOB reports that the platform is not yet able to provide services through the website.
The Binance platform offers a wide variety of services such as trading of digital assets and equity tokens. It was the largest cryptocurrency exchange by trading volume in June.
Not only in Italy
Just last month, the regulator asked savers to exercise extreme caution when it comes to cryptocurrencies. Consob has now reiterated the statement saying:
Furthermore, savers are advised to take the utmost caution when making transactions on instruments related to crypto-assets.
This notice isn't the first time the cryptocurrency exchange has received something like this. In fact, Binance has been facing regulatory and authorization issues in several other countries for some time now.
Last month, the UK financial supervisor banned Binance from providing regulated services in the country. The United States, Japan, and Germany are some of the other nations that have targeted the platform.
Consob also adds: Savers are invited to use the utmost diligence in order to make their investment choices with awareness, verifying in advance that the websites through which they make the investment are attributable to authorized parties.
Bitcoin price
At the time of writing, the price of BTC is hovering around $ 31,8K, down nearly 3% over the past 7 days. Over the past month, the cryptocurrency has lost 20% in value. Anyone who wants to buy at this time of decline and take advantage of discounts, can use Bitcoin Revolution to make some sure deal.
Bitcoin continues to be in a limited market as the cryptocurrency price remains between the $ 35k and $ 30k levels. However, the coin appears to be at the low end of the range for the past few days.
It is unclear whether BTC will maintain the downtrend this time around or if buyers will pick it up again before hitting the $ 35k resistance.
If Bitcoin loses the $ 30k support level, a bear market could take hold. On the other hand, a bull market could have an advantage if the cryptocurrency is able to turn around and break the $ 35k resistance.
