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Consob also warns against Binance: It is not authorized to offer tokenized options and securities

Rome National Commission for Companies and the CONSOB Stock Exchange Finance Institutions
Exteriors

Consob issues a notice to investors regarding the Binance exchange. According to what has been published, the control body of the Italian stock exchange and financial markets has drawn attention to the fact that the virtual stock exchange does not have the authorization to operate in Italy by offering derivatives or "Stock tokens" that is representations of listed shares on blockchain on the stock exchange.

Consob highlights that, until recently, these products had explanatory pages also in Italian which indicated that the objective of these services was also the Italian market. So, just to add some weight, Consob underlines how on the one hand the exchanges are not very transparent and on the other hand there is the risk of losing in full the investment in virtual currencies.

Consob's notice comes after similar press releases and decisions have also arrived from other supervisory bodies both in Europe and in the USA. The sale of derivatives and shares is governed by very specific laws and therefore their trading should only take place in controlled markets. At the same time, more and more markets are spreading that deal with digital “representations” of these securities, even without having a consideration for the securities themselves.

In itself, Consob's decision does not affect Binance as a virtual currency exchange, despite the traditional warning on the riskiness of the product. at the same time, sooner or later it will be necessary to prepare for the birth of modern digitized markets that are better than the current regulated markets.


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The article Also Consob warns from Binance: It is not authorized to offer tokenized options and securities comes from ScenariEconomici.it .


This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/anche-la-consob-mette-in-guardia-da-binance-non-e-autorizzata-ad-offrire-opzioni-e-titoli-tokenizzati/ on Sat, 17 Jul 2021 11:43:26 +0000.