Italy: Securities Regulator Issues Suspension to Crypto Investment Firm, Associated Crypto

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.

As Cointelegraph reported in December 2018, CONSOB has previously issued 90-day suspensions for two projects offering allegedly fraudulent crypto investment schemes.

That same month, CONSOB issued a joint warning with Malta’s Financial Services Authority in regard to an ostensibly unlicensed cryptocurrency exchange.

In mid-November, the CONSOB sent cease-and-desists to three crypto-related firms for their alleged offering of unapproved investment services.