Bank of Lithuania Issues A Warning Against Binance

Binance’s regulatory worries are far from over, as the Central Bank of Lithuania is the latest regulatory to announce that the cryptocurrency exchange is not authorized by the regulator to operate under its jurisdiction.

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​After assessing Binance's operations in the country based on the publicly available information, the central bank issued the warning about its unlicensed investment services provided in Lithuania as well as requested it to ensure that its publicly available information complies with legal requirements and is not misleading.

The Bank of Lithuania further warned that the online crypto-asset exchange platforms are not authorised to provide investment and other licensed services in Lithuania. Moreover, no investor protection standards are applied to their customers. Therefore, by making transactions on such websites, they risk losing all their investments.

“Companies that are registered in Lithuania as virtual currency exchange operators are not supervised as financial service providers. They also have no right to provide any financial services, including investment services,”the regulator added.

Binance continues to face tough times regarding regulatory affairs as more countries keep issuing alerts on their activities. This week, the Italian financial watchdog CONSOB issued a warning against the companies of Binance, for delivering investment services and activities in the country without authorization.