Bitcoin Daily: Binance from Italy blocked

Binance, which had come under fire in recent weeks for its compliance standards, has now been decommissioned in Italy, according to the local market regulator Consob, reported Reuters.

“Savers are encouraged to exercise their utmost care to make their investment decisions with full awareness and to check in advance that the websites through which they are investing can be attributed to authorized subjects,” said Consob, according to Reuters, adding Selbst Binance Group companies cannot conduct business through the company’s main website, which offered information on derivatives and tokenized stocks.

A spokesman for Binance said the company was not based in Italy anyway and the company wanted to work with regulators, according to Reuters.

Consob is the newest global entity to boot from Binance. The use of digital coins for crimes like money laundering has led to increased scrutiny of crypto companies.

Meanwhile, PayPal has increased the cryptocurrency limits for its US customers, setting the limit at $ 100,000 per week, CoinDesk reported. There is also no annual purchase limit.

PayPal’s reasoning is that these changes “give our customers more choice and flexibility when buying cryptocurrency on our platform,” according to CoinDesk.

In addition, the popular payment company will also refine its guidelines and Q&A for digital currencies, CoinDesk reported.

Eventually, Bishijie, a China-based cryptocurrency community site and information provider, has broken central bank regulations and has therefore closed, US News reported.

Bishijie said it was “working actively with regulators and taking corrective action if necessary,” according to US News.

Bishijie, which means “Coin World”, worked to simplify investment decisions. The website also provided news and social networking services, as well as trading information for China and Korea-based crypto investors, US News reported.

China is cracking down on cryptocurrency trading. According to US News, the reason given was the underlying financial risks.

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