Italian banking regulator Consob has warned consumers that Binance is not authorised to conduct regulated investment services and activities in the country, joining a chorus of watchdogs around the world in clamping down on cryptocurrency usage.

Warnings against Binance have been published by regulators in the UK, Japan, the Cayman Islands, Malta and Thailand in the last month, all of which stated the firm is not licensed to carry out services such as derivatives and spot trading in their jurisdictions.