Thursday, October 28, 2021
Home Crypto News Market Italy Becomes The 7th Country To Issue A Regulatory Alert Against Binance

Italy Becomes The 7th Country To Issue A Regulatory Alert Against Binance

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According to the market watchdog of Italy, Binance cannot operate in Italy. This is part of a string of global regulations against top cryptocurrency exchange.

Italy is now part of the simultaneous global crackdown on the cryptocurrency exchange Binance. In recent weeks, Binance has been on the radar of Canada, Japan and the United Kingdom as well as Thailand, Poland, and most recently Malta.

Binance is the most popular cryptocurrency exchange by trading volume, website visitors and customer base. It provides crypto services to millions worldwide. It is however being hampered by seven regulatory warnings from seven countries.

The FSA of Japan was the first to issue a compliance notice against the world’s largest exchange. It was followed by Canada, Singapore, Thailand, the United Kingdom and Canada. UK FCA has advised investors and companies not to use Binance because it is illegal in the country. The Thai SEC opened a contempt case against Binance for operating without a license.

Binance’s regulatory crackdown comes at an important time as cryptocurrency popularity has grown and regulators have become more urgent to crack down on crypto related business. Regulations Compatible crypto exchanges joined the party after their slow start. With regulatory approval, Binance’s rival Coinbase opened new markets in Japan and Germany, while FTX became the third-largest spot exchange.

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Mark Brennan
Mark is 27, holds a Master degree in Business Administration, and works as a content Creator at TheCryptoBasic mostly on Crypto Market Updates. Since 2014 he has been active in the crypto sector. Thanks to the Business College in which other than Business subjects, he was taught about the disruptive potential of Blockchain. His interests include Blockchain technology and Crypto Market innovations. He also founded a small startup in which he gives lectures on cryptocurrencies.


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