CONSOB blocks Trust Pixs, Fusion Fx and 247ProTrade domains

abdelaziz Fathi

The Commissione Nazionale per le Società e la Borsa (CONSOB) has shut down new websites in an ongoing clampdown against firms it accuses of illegally promoting investment products in the country.

The newly-blacklisted domains include several FX platforms that mostly operate offshore without a specific regulatory status.

The number of sites blacked out since July 2019, when Consob got the power to ban the websites of financial intermediaries it deems unregulated, has risen to 645.

Today’s blacklisted sites offer forex and CFDs trading, but the CONSOB says some of the names featured in the warning are dealing in crypto assets, either in the form of the underlying coins or its related derivatives such as CFDs.

The watchdog added the following brands to its register of banned internet sources for illegally promoting trading products in the country.

  • “247ProTrade”(website www.247protrade.com);
  • ItalianTrades Limited(website www.italiantrades.com
    and its page https://webtrader.italiantrades.com);
  • Eufm Ltd(website https://eufm.eu and its pages https://client.eufm.eu and https://webtrader.eufm.eu);
  • “Fusion Fx”and “Fusion-Fin” (website www.fusion-fin.com);
  • Daxodeal Ltd(website https://daxodeal.com);
  • Primer Tech International Holding OÜand Magnates Trade (website www.magnatestrade.com).
  • Trust Pixs Limited(websitetrustpixs.com and related page https://my.trustpixs.com);
  • “EqualityFin”(website https://equalityfin.com and related page https://client.equalityfin.com);
  • Scintilla Enterprise Ltd(website https://solidstocks.cc);
  • Miva Solutions LLC(websitedelitraders.net and related page https://client.delitraders.net);
  • Ingenue Consulting LLC (websitehttps://tradon.io).

The crackdown comes after Consob refined its process for identifying non-compliant companies. Recently, the regulator went after a handful of CySEC-licensed brokers and ordered them to cease operations in the country. The decisions also prevented Cypriot intermediaries from soliciting customers or continuing its current relations with Italian clients.

The Italian regulator found new tools to address illegal operators in the market when the ‘Growth Decree’ extended its powers far beyond. Thanks to the decree, CONSOB can order Italian internet service providers (ISPs) to block websites in the region. Due to technical reasons, it can take several days for the black-out to come into effect when these websites shut for a temporary period.

Additionally, the authority has warned even authorized firms against falsely advertising unregulated products as being regulated by Consob. The watchdog added that these financial promotions were unlikely to provide consumers with the clarity required by its rules and could leave them unable to understand whether the promoted products or services were beyond its remit.

 

Read this next

Digital Assets

Ethereum-Based Tokenized Real Estate Platform USP Launches On Republic

How This Californian Startup Is Revolutionizing Real Estate Investment through Ethereum-Based Tokenization.

Digital Assets

Sui Spikes in Weekly DEX Volume, Joins Top 10 of All Blockchains

March DEX volume on Sui stands at over $2.88B – up more than 49% from February – with decentralized exchange Cetus and wholesale liquidity layer DeepBook leading.

Digital Assets

Prisma Finance suffers $10 million crypto exploit, attack ongoing

Liquid staking protocol Prisma Finance fell victim to a security exploit on March 28, resulting in nearly $10 million in Prisma mkUSD and wrapped stETH being stolen by hackers.

Digital Assets

Masa and LayerZero: Bridging Blockchains for Data Sovereignty

Masa Network is poised to revolutionize the personal data landscape with its upcoming launch as a cross-chain platform, making it accessible on a variety of blockchains right from the start.

Digital Assets

Big Time Generates over $100M in Revenue since Preseason

Innovative game developer Big Time Studios announces that its highly anticipated free-to-play multiplayer action/MMO RPG Big Time, has generated $100M in revenue. According to the team, players transacted a total volume of over $230M, without selling a single token.

Digital Assets

Centralized exchanges are 10 times more popular than DEXs in Western Europe

Western European traders are found to prefer centralized exchanges over decentralized ones as CEX traffic outpaces DEXs by a factor of ten.

Market News

Stock Market Analysis: Is NVDA Losing Its Leadership?

Since the beginning of the week, the S&P 500 Index (US500) has seen a modest increase of about 0.58%, whereas NVDA’s share price has experienced a decline of approximately 3.8%. This recent divergence raises concerns among Nvidia stock investors — could it signify a loss of NVDA’s market leadership?

Industry News

ESG: Australian regulator wins first greenwashing court case against Vanguard

Vanguard admitted that a notable portion of the securities within both the Index and the Fund did not undergo the promised ESG scrutiny.

Fintech, Uncategorized

BitMEX integrates HALO from Solidus Labs for cross-market surveillance

“The recent approval of the Spot Bitcoin ETF has piqued the market’s interest. As a result of price volatility, the trading volumes for crypto derivatives have gone up substantially. HALO, with its advanced technology and crypto-native detection architecture, will enable BitMEX to smoothly and safely scale trade surveillance across its increased trading volumes and provide the necessary safeguards for new product launches.”

<