Finance Feeds logo

Italian regulator orders blocking of 11 websites that illegally offer online trading services

Maria Nikolova

The number of websites blocked thus far under the so-called “Growth Decree” has risen to 279.

Italy’s Companies and Exchange Commission (CONSOB) keeps making use of the powers granted to it under the “Growth Decree”. The latest set of orders mandate the blocking of access from Italian territory to 11 websites that illegally offer investment services.

On the basis of the “Growth Decree” (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), Consob can order Internet connectivity service providers to ban access from Italy to the websites through which financial services are offered without due authorization.

Below are the 11 websites targeted by the latest set of orders:

  • Dinengo Partners LTD (website https://marketsdock.com, and related pages client.marketsdock.com and status.marketsdock.com);
  • Jean Pierre Technologies LTD (website www.jp.finance, and related pages https://trade.jp.finance and https://cashier.jp.finance);
  • KBS Capital Markets LTD (website www.topcapitalfx.com and the related page www.my.topcapitalfx.com);
  • NorthfintechFX Trading Services Ltd (website www.northfintechfx.co and the related page www.northfintechfx.trade);
  • “Wallwood Broker” (website https://wallwoodbroker.com);
  • “247 First Invest” (website https://247firstinvest.com);
  • Uptos Ltd (website www.uptos.org);
  • Equalizer Ltd (website www.marketfxc.com);
  • “Inter Media Ltd” (website www.cfgtrades.com);
  • “Acquantum AG” (website www.acquantum.eu);
  • “Matrix banco” (website https//matrixbanco.com).

This has taken the number of websites blocked under the “Growth Decree” to 279. The regulator has been issuing such orders since July 2019, when it got the powers to order the blackout of abusive financial intermediaries websites. Prior to that, Consob had to count mainly on warnings in order to raise awareness among the public about illegal financial services providers.

The activities for the blocking of the said websites by the Internet service providers operating in Italy are in progress. For technical reasons it can take a few days to implement them.

Subscribe

Read this next

Digital Assets

FINMA-regulated digital asset provider Taurus expands into Germany

This expansion follows recent moves by BaFin to accelerate the licensing of crypto custody services, aiming to boost market confidence. Following this, several new licenses were issued, notably to Commerzbank, making it the first full-service financial institution in Germany to receive a crypto custody license.

Inside View

Stocknet’s Nick Hall defends gamification as trading platform market set to hit $15.34b by 2030

“The growing popularity of gamified trading has the potential to tackle this financial literacy gap. Rather than simply giving users unfettered access to markets and letting them figure things out for themselves, platforms can offer virtual skill games and challenges to help educate traders and prime them for success.”

Inside View

Infographic: Interest rate and FX derivatives are driving rise of OTC derivatives market

These trends suggest a growing and evolving OTC derivatives market, with an increased focus on risk management and regulatory compliance. The rise in clearing rates, along with the increased initial margin requirements, reflects a more cautious approach to risk in the financial services industry.

Market News

Bank of Canada’s Final 2023 Policy Update on the Canadian Dollar and Future Monetary Landscape

The Bank of Canada’s final policy update for 2023, as reported by Bloomberg, had a relatively subdued impact on the performance of the Canadian dollar, especially when compared to the discernible market reactions following prior BoC policy decisions throughout the year.

Inside View

DTCC’s Systemic Risk Barometer Survey found 2024 US Presidential Election as a top risk

U.S. political uncertainty, particularly regarding the 2024 Presidential Election, has emerged as a key risk, with 51% of respondents highlighting it as a major concern. This reflects the potential impact of election outcomes on market conditions and the industry.

Executive Moves

Options Technology promotes Laura McCann to CFO

“Laura’s promotion to CFO is the next stage in our long-term strategy of building a world-class finance team servicing the global business from our Belfast office. Back in 2016, Jon took on the challenge of laying the groundwork for that vision. Laura has been an integral part of the strategy from day one.”

Digital Assets

Thailand’s crypto economy under the spotlight: a report by HashKey Capital

“I’m excited by the rapid expansion of Thailand’s Web3 sector. With over 3 million overall crypto users and 600% growth in the market in recent years, the dynamism in our DeFi and NFT sectors is clearly evident. Thailand is increasingly becoming a hotspot for digital nomads, drawn by our crypto-friendly policies, affordable living costs, vibrant food and beverage culture and diverse cultural landscape.”

Retail FX

Webull Australia offers 5.4% yield on uninvested cash

“US dollar money market funds are heavily regulated, meaning client funds are managed in a safe, reliable and trusted environment, which is of critical importance to us, and continues to remain top-of-mind for our clients.”

Digital Assets

Bybit welcomes Ethena’s USDe, a decentralized stablecoin utilizing delta-hedging staked Ether

“Our collaboration with Ethena Labs represents our commitment to solving some of the biggest challenges in crypto today, not least, the creation of a decentralized stablecoin. The integration of USDe on Bybit expands our stablecoin offerings, providing our users with an array of uncorrelated solutions accessible from our Unified Trading Account.”

Bybit
<
✖