Crypto exchange Binance is also not allowed to offer services in Italy. This was announced by the Italian financial regulator Consob. Italy is yet another country to take action against Binance, one of the largest exchanges in the world for cryptocurrencies such as bitcoin.
The United Kingdom’s financial watchdog banned Binance last month. Regulators in the United States, Germany, Japan and Thailand have also turned against the platform. In the US, Binance is under investigation by law enforcement and the tax authorities. The company is suspected of cooperating in money laundering and tax evasion.
Binance is doing a lot to get out of surveillance. For example, the company is officially located in the Cayman Islands. There is an office in Singapore, but the company has no official headquarters. According to founder Changpeng Zhao, this is because the company works in a decentralized way, just like the crypto coins it trades in.
Binance appears to be the largest crypto exchange globally in terms of the trading volume. According to the comparison website CryptoCompare, more than $14 billion worth of digital coins has been traded on the platform in the past 24 hours. The next competitor traded $8 billion in the same span.