By Nina Kikava - News - 1 month ago

In Italy, Unauthorized Crypto Companies Are Ordered to Terminate Their Activities

According to an official statement, made on November 19, Italian authorities are ordering unauthorized cryptocurrency companies to end their activities because there are three companies in Italy, that are providing unauthorized investment services for the customers.

In Italy, there is the Consolidated Law of Finance (TUF), The law which regulates all the financial markets in Italy. One of the companies violated the law. The company called Richmond Investing did not register as a financial intermediary and ended up on the radar of authorities.

There are also two other companies that are ordered to cease and desist such as Crypton Ltd. and Eagle Bit Trade. Alessandro Brizzi, a representative of Cryptoforce Ltd, was also ordered to stop his illegal activities.

Due to all of the three company's illegal activities, authorities involved in the financial field decided to make an official statement warning companies that, if they won't stop these activities, they will have some serious problems.

Italy is quite a crypto friendly country, it has never forbidden financial institutions from dealing with cryptocurrencies, they just gave them the advice to wait until regulations are established so that the new industry could be regulated.

As the official release states, the company Cryptoforce and an individual Alessandro Brizzi were promoting cryptocurrency "Crypton" on Facebook, while Eagle Bit Trade was offering unauthorized trading packages to investors.

As the BNG reported one week ago, The German Federal Financial Supervisory Authority (BaFin) ordered a partial cessation of activities that were performed by a U.K.-based cryptocurrency company firm that was named Finatex Ltd.