Italy on Thursday joined the crackdown against cryptocurrency exchange Binance, the world’s largest.
The Consob financial regulator said Binance Group companies were not authorized to provide investment services in the country. The U.K. and Japan have taken similar moves against Binance.
The regulator noted that sections of the Binance website had been written in Italian and said savers “are invited to make use of their utmost diligence.” A message left with a Binance representative wasn’t immediately returned.
Consob extended the warning to crypto assets in general, saying trading “may imply the total loss of the sums of money invested.”
Consob said crypto risks include their complexity, volatility, malfunctions and cyber attacks.
Binance had the highest volume, by value, in both the spot and derivatives market for crypto in trading today, according to data from CoinMarketCap. Huobi Global, Coinbase
FTX and Kraken round out the top five for spot exchange volume.
the world’s top crypto asset, slipped 3%.
In its annual report released Thursday, the U.K. Financial Conduct Authority said “cryptoasset businesses pose increased risks of financial crime” and said a significantly high number of businesses aren’t meeting anti-money-laundering standards. The regulator added there were 138 firms that are trading without applying for registration.
Also read: Dogecoin co-creator blasts crypto as a scam