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Gate.io blocked in Italy due to lack of license

Gate.io blocked in Italy due to lack of license

Italian financial regulator The Commissione Nazionale per le Società e la Borsa (CONSOB) blocked the Gate.io cryptocurrency exchange website in its territory. The main reason is the lack of license. 

According to the regulator's bulletin #22118, Gate Technology Corp. trades futures contracts with cryptocurrency as the underlying asset. This refers to investment services, which companies licensed by CONSOB can only provide. Whereas Gate Technology Corp, registered offshore in the Marshall Islands, has no such authorization. Therefore, the regulator forced providers to suspend access to the websites gate.io, gateio.rocks, and gateio.ws making them inaccessible from Italy.

The company has 60 days to appeal to the court against the ruling. It should be noted that the financial regulator has denied access to the websites only on the territory of its country, while the rest of the EU countries are not affected by this ban. Besides, Italians will likely be able to access the sites through proxy servers or VPN apps.

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