Italy: Securities Regulator Issues Suspension to Crypto Investment Firm, Associated Crypto
Italy's securities regulator has issued a 90-day suspension notice to investment firm Tessline and its cryptocurrency liracoin.
Italy's national securities regulator, La Commissione Nazionale per le Società e la Borsa (CONSOB), has issued a notice suspending investment firm Tessline and its cryptocurrency liracoin. The news was reported by Cointelegraph Italy on June 4.
In its notice, CONSOB stated that a series of entities and websites affiliated with both Tessline and liracoin are ordered to terminate their violation of Article 18 of Italy’s Consolidated Law of Finance.
According to a translation from the European Corporate Governance Institute, Article 18 stipulates statutory requirements for the provision of investment services in Italy, subject to the conditions established by the country’s central bank and CONSOB.
The notice continues to state that CONSOB has formally suspended all offerings and promotion of liracoin to the public for a period of 90 days, as well as the public offer of investment plans as promoted by Tessline.
In mid-November, the CONSOB sent cease-and-desists to three crypto-related firms for their alleged offering of unapproved investment services.