Italian regulator orders blocking of access to more unauthorized trading websites

Italy’s Companies and Exchange Commission (CONSOB) has ordered the blocking of access to six more websites of unauthorized online trading entities.

The regulator today announces that it has once again made use of the powers resulting from the ‘Decreto Crescita’ (‘Growth Decree’, Law no. 58 of June 28, 2019, article 36, paragraph 2-terdecies), on the basis of which Consob can order Internet service providers to block access from Italy to websites offering financial services without the proper authorization.

The latest entities to have their websites blocked in Italy are:

• Waltika Partners Ltd (https://imperial-finance.io);
• CobraCFD Ltd (www.c0bracfd.com and www.cobracfd.biz/it);
• Alfa Financial, Zurich Corporation and lsystems LTD (https://web.zurichcorporation.com);
• Energy Capital Group Eood (www.omegafx.io);
• Crypto Consultancy Ltd (www.cfmcapital.com).

Thus, the total number of websites which have been blocked by Consob since July has risen to 83. Earlier this week, the regulator said it had ordered the blocking of six other websites.

Until 2017, the Italian regulator was publishing “warnings” concerning the risks connected with the services offered by unauthorized operators, which were only addressed to the general public. Since 2018, however, with the application of the new European regulation on the provision of investment services (Mifid2), the instruments given to Consob have been significantly enforced by the attribution of the new power to order the termination of the infringement to the unauthorized operators. Accordingly, Consob had only the power of asking the cancellation of the Italian version of the abusive sites to the host providers.

Thanks to the “growth decree”, CONSOB gains a new power – to order ISPs the blocking of the websites.

Due to technical reasons, the blocking of the websites may take several days.