JAKARTA – Italy has joined a number of major countries in the world such as the UK and Japan in their fight against the Binance crypto exchange. The latest news is that Binance is banned from operating in the Cayman Islands. Previously, the exchange had said goodbye to its users in the province of Ontario, Canada.
Launching MarketWatch, financial regulator Consob stated that Binance Group does not have the authority to provide crypto investment services in Italy. The UK and Japan have already blocked Binance.
The Italian government is also aware that Binance is trying to attract Italian consumers by stating that they are “invited to use their utmost diligence”. The invitation was written in Italian on the official Binance website.
In this regard, the Italian financial regulator outright warned that crypto trading “could result in a total loss of the amount of money invested.”
They mention that crypto trading has high complexity and volatility, its application can also stop suddenly and harm investors. They also add that cryptocurrencies are vulnerable to cyberattacks.
Data from CoinMarketCap states that Binance is the world's number 1 crypto trading platform. Other platforms such as Houbi Global, Coinbase, FTX, and Kraken round out the top five crypto exchanges in the world.
Previously, the British financial authorities said that Binance and a number of other crypto trading companies did not meet the anti-money laundering standards set by the government. Binance has also been operating without a permit from the government.
Therefore “the crypto asset business (could) lead to an increased risk of financial crime.” In addition, Binance does not meet the UK government's regulatory standards regarding money laundering.
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