Consob publishes a warning on Binance (Press release of 15 July 2021)

PRESS RELEASE

Consob warns savers that the companies of the "Binance Group" are not authorized to provide investment services and activities in Italy, not even through the website www.binance.com  whose sections called "derivatives" and "Stock Token", relating to instruments related to crypto-assets, were previously also written in Italian.

Therefore, the attention of the public must be drawn to this circumstance and, more in general, savers are invited to make use of their utmost diligence in order to make their investment choices in full awareness, verifying in advance that the websites through which they make the investment can be attributed to authorized subjects.

Furthermore, savers are invited to adopt the utmost caution in making transactions on instruments related to crypto-assets, for this may imply the total loss of the sums of money invested and it is recommended to savers to always follow the general rule of considering the signing of contractual proposals only when they have an adequate understanding and only when they are assisted by clear and complete information also on the identity of the contractual counterparty who may propose himself as a service provider.

In any case, it is important that savers are informed that transactions in instruments related to crypto-assets may present risks that are not immediately perceptible, due to their complexity, the high volatility of the prices of these instruments as well as for malfunctions and cyber attacks to which the IT infrastructures used for such operations may be subjected.

 Press release PDF version