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.