Italian Securities Enforcer Suspends Tessline Investment Firm’s Liracoin Cryptocurrency

A crypto investment platform Tessline has been issued a suspension notice by Italian national securities regulator La Commissione Nazionale per le Società e la Borsa (CONSOB). The suspension also takes effect on the firm’s cryptocurrency Liracoin.

The suspension came due to a violation of Article 18 of Italy’s Consolidated Law of Finance by Tessline and Liracoin affiliates including websites and some entities. The article spells out statutory requirements for entities interested in providing financial services in Italy.

The entities involved are PayPeq Holdings OÜ, Takeda Partners LTD and BancDeMonarch Limited and Lancelot Equity Ltd. The regulator also suspended the public offering of Liracoin by Liracoin-DAMO through two websites, https://liracoin.club/, www.liracoin.com  and www.licex.io.

The notice also suspended the public offering of any investment platforms by the company Tessline Limited, all for a period of 90 days.

Apart from this, CONSOB has issued similar suspension notices to some other projects in the past for unapproved public offerings or fraudulent crypto investment schemes as well as unlicensed crypto exchanges in collaboration with Financial Services Authority in Malta.