Binance and Crypto Industry Come Under Immense Regulatory Concerns

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As Binance comes under regulatory pressure, the cryptocurrency industry took a plunge on Thursday as regulation concerns across the world intensified. At press time, Bitcoin and Ethereum are both down by 4%, as the entire market bleeds.

Earlier today, Italian market watchdog Consob stated that Binance, the world’s largest cryptocurrency exchange by spot trading volume, was not an authorized entity in Italy and should not carry out activities in the country.

The watchdog added that in June, the uncontrolled proliferation of cryptocurrencies was a source of concern and worry, warning citizens to “adopt the utmost care” when engaging with crypto assets.

Binance not Phased by the Consob Saga

However, a Binance spokesperson explained to Reuters that the exchange’s website did not operate out of Italy and that the Consob saga had no direct impact on its business.

Meanwhile, cell phone company T-Mobile currently faces a new lawsuit after it allegedly failed to safeguard against a SIM swap scam that led to the loss of $55k in Bitcoin for one customer.

Plaintiff Richard Harris noted that T-Mobile’s misconduct included its inability to effectively protect customer information and employ adequate support staff.

In other news, France proposed recently that European Union governments should empower pan-European markets watchdog, the Paris-based European Securities and Markets Authority (ESMA), instead of traditional regulators.

The French markets regulator has equally demanded that the ESMA be bestowed with more authority to regulate the crypto industry.

Emirates NBD, the largest bank in Dubai, has warned its customers against investing in Bitcoin or other digital currencies, noting that they are too volatile.

In an interview with Arabian Business, Georgio Borelli, the Emirates NBD’s head of asset allocation noted that:

“This high level of volatility will have to subside substantially for cryptocurrencies to be universally accepted in our society, for portfolio managers to accept cryptocurrencies in their portfolios and for investors, in general, to be able to ascribe a fair value to them.”

 

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