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Supervisors Warn Against Largest Crypto Asset Platform

  • The CNMV echoes the ban on Binance operating in Italy

  • Several countries have vetoed, warned or investigated this group of unknown headquarters

Binance, considered the largest platform global trading of cryptocurrencies like bitcoin, it has been in the Diana from some of the major agencies supervisors of the world’s financial markets, but in recent months the pressure on the company has skyrocketed. This Thursday, the National Securities Markets Commission (CNMV) has echoed that its Italian counterpart, Consob, warned in mid-July that the group’s companies “they are not authorized to provide investment services and activities “in its territory and urged savers to exercise” extreme caution. “

You are not the first supervisor to do so. As early as March 2018, Japan warned Binance for operating in its market without the corresponding license. In February 2020 he did the same malt, where the company had supposedly been installed. In recent months, they have followed in his footsteps other countries and territories such as the United Kingdom, the Cayman Islands (where it has also been said that it was based), Hong Kong, Lithuania or Poland, and also Japan and Malta have reiterated their warnings. The last to join the list was the Netherlands this Wednesday. Other countries such as the United States, Germany and Thailand have opened research administrative and criminal matters regarding the company.

Following warnings from regulators, some banks like Barclays and the Santander have decided in recent months to prevent their clients from making payments to the company, while several investment funds they have stopped operating with the company. The opacity has surrounded Binance since its inception in 2017 by the Chinese-Canadian Changpeng Zhao (known as CZ, supposedly based in Singapore and possessor of a fortune of more than 1.6 billion euros, according to ‘Forbes)’. In October last year, ‘Forbes’ itself published information based on an internal document of the company in which it assured that the company had created a complex corporate structure to deceive to the US authorities.


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Binance has also been the subject of controversy over the account hacking of your clients or the drop your service in times of sharp declines in the prices of cryptocurrencies, such as last May. The problem for those affected who intend to sue him for this is that for years it is not known not even where is the headquarters of the group. The pressure of the authorities, however, could provoke changes. In a conversation with journalists at the end of July collected by ‘Reuters’, its founder assured that he wanted improve your relationship with regulators and he would be willing to set up a central office, a possibility that he had been publicly opposing, and even appoint a substitute with a more financial than technological profile.

The Binance case reinforces the usual warnings from authorities about cryptocurrencies. The Bank of Spain and the CNMV they already warned in 2018 about the risk of this type of investment “due, among other factors, to its extreme volatility, complexity and lack of transparency.”

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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