The national securities regulator of Italy, La Commissione Nazionale per le Società e la Borsa (CONSOB) issued a termination notice against Tessline and its cryptocurrency liracoin. Tessline is a crypto investment and trading firm in Italy.
According to the notice, the firm and the affiliated entities have violated Article 18 of Italy’s Consolidated Law of Finance. The article specifies the requirements for the investment provision in Italy. The securities regulator has strictly instructed all the attached subsidiary and websites to halt the violation. The notice further adds that CONSOB has officially halted the promotion of the liracoin and all offerings for 90 days. It has also aborted the firm’s public offer for investment plans.
The securities regulator of Italy has previously temporarily suspended two project offerings in 2018. It was alleged to involve in fraudulent investment schemes. Recently, Australian Financial Regulator issued an official warning against Onecoin for working without AFS license.