Bitcoin Daily: Binance Shut Out Of Italy; PayPal Raises Cryptocurrency Limits

Binance, which has come under fire for its compliance standards in recent weeks, has been shut out of activity in Italy now, according to that country’s market watchdog, Consob, Reuters reported.

“Savers are invited to make use of their utmost diligence in order to make their investment choices in full awareness, verifying in advance that the websites through which they make the investment can be attributed to authorized subjects,” Consob said, per Reuters, adding that even Binance Group companies can’t do business via the company’s main website, which has offered information on derivatives and tokenized stocks.

A Binance spokesperson said the company didn’t work out of Italy anyway and the company wants to collaborate with regulators, according to Reuters.

Consob is the latest global entity to boot Binance. The use of digital coins for crimes like money laundering has led to more intense scrutiny against crypto firms.

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

PayPal’s reasoning is that these changes will “enable our customers to have more choice and flexibility in purchasing cryptocurrency on our platform,” according to CoinDesk.

In addition, the popular payments company will also be refining its guidelines and Q&As for digital currencies, CoinDesk reported.

Lastly, Bishijie, a China-based cryptocurrency community site and information provider, has violated central bank regulations and has thus shut down, U.S. News reported.

Bishijie said it is “actively cooperating with regulators, and taking corrective measures as required,” according to U.S. News.

Bishijie, which means “Coin World,” worked to simplify investment decisions. The site also provided news and social network services, along with trading information for China- and Korea-based crypto investors, U.S. News reported.

China has been cracking down on cryptocurrency trading. The stated reason has been the underlying financial risks, according to U.S. News.