Categories: Market

Immediately after Italy, Lithuania is the newest country to give Binance a warning

Binance’s regulatory issues continue as Lithuania is the youngest country to issue a warning about Binance’s crypto exchange. Lithuania’s announcement comes a day after Italy issued a similar warning.

Lithuania is the youngest country to issue a warning to Binance

Lithuania is the youngest country to issue a warning to Binance

On Friday, the Central Bank of Lithuania announced that it had warned Binance UAB about unauthorized investment services being offered in Lithuania. The central bank “also orders the company to ensure that its public information is not misleading”.

The central bank stated that it had evaluated the public information and found that Binance “acts as a virtual currency exchange operator and cryptocurrency custodian operator” in the country. Bank wrote:

“The Bank of Lithuania contacted Binance UAB … warning the company about unauthorized investment services in Lithuania and asking the bank to ensure that their public information complies with the requirements.

In addition, the Bank of Lithuania notes that “crypto services are not regulated or regulated, exposing consumers to the risk of losing all of their investments”.

The central bank further clarified that some online crypto platforms allow their customers to invest in crypto derivatives (such as futures and options), contracts for difference (CFD) or cryptocurrencies related to securities. The central bank emphasizes that they are considered financial instruments and the platforms they offer must be licensed as financial services providers.

However, the central bank made it clear: “Companies that are registered in Lithuania as virtual currency operators are not regulated as financial service providers:

“They are also not allowed to provide any financial services, including investment services.”

Italy issued a similar warning to Binance on Thursday

The Italian financial regulator, the National Commission for Corporations and Exchanges (Consob), issued a warning to the Binance crypto exchange on Thursday.

Consob warns that Binance Group companies are not authorized to provide services and investment activities in Italy.

Conbuss stated that operations through binance.com are also not allowed, noting that “sections of the website called ‘Derivatives’ and ‘Security Tokens’ refer to cryptocurrency instruments that were also previously written in Italian.

The regulator continues to warn the public about investing in cryptocurrencies or crypto-related investments as it could mean a complete loss of the investment.

The Italian Financial Regulator concluded: “It is important to inform users that transactions with crypto-related instruments may involve risks that are not immediately recognizable due to the nature of the transaction, its complexity, the high price volatility of these tools as network failures and Attacks that can be subject to the IT infrastructure used for such operations. “

Regulators in the UK, Japan, the Cayman Islands and Thailand have also recently issued warnings about global crypto exchanges. In response, Binance has stopped withdrawing GBP and Euro deposits via SEPA bank transfer.

Join our Facebook group and Telegram group Coincu News to chat with more than 10,000 other people and share information about the crypto currency market.

Important NOTE: All content on the website is for informational purposes only and does not constitute investment advice. Your money, the choice is yours.

CoinX

Recent Posts

Dogecoin Price Gets $5 Prediction, Shiba Inu To Rally 1,100%, And ETFSwap (ETFS) To Jump 135x

Here are the latest predictions for Dogecoin, Shiba Inu, and ETFswap.

4 hours ago

AVAX Hits $1B in DeFi, Cardano Expected to Surge—BlockDAG Leads with $110M Presale & 100% Bonus!

Discover BlockDAG's 100% bonus and $110M presale surge that’s sparking interest among crypto enthusiasts. Also,…

4 hours ago

Crypto Institutional Investors Move To ETFSwap (ETFS) Amid $500 Million Liquidity Injection Expectations

Discover why crypto investors are moving to ETFSwap (ETFS) as $500 million liquidity injection is…

7 hours ago

Buyers Rush to Maximise Gains with BlockDAG’s 100% Bonus Offer; Plus, ETH Holds Strong as Solana Challenges Rivals

Learn about BlockDAG's $110M presale achievement and the whopping 100% bonus offer, alongside Ethereum's growth…

9 hours ago

Thai Police Corruption Case Involving Officers and Extortion

Thai police corruption exposed as officers extort millions in USDT from a Chinese man under…

12 hours ago

SafePal Telegram Wallet Launches with Swiss Bank Accounts and CeDeFi

SafePal Telegram Wallet allows 950 million users to create compliant crypto-friendly Swiss bank accounts, integrating…

13 hours ago

This website uses cookies.