Italian regulator uses “Growth Decree” powers to order blocking of five unauthorized online trading websites

Maria Nikolova

Consob orders ISPs to block access from Italy to websites offering financial services without proper authorization.

The Italian Companies and Exchange Commission (CONSOB) has once again resorted to the powers granted to it under the so-called “Growth Decree”. Today, the regulator announces that it has ordered the blocking of five websites that offer online trading services to Italian investors without having the necessary authorization.

The companies and websites are listed below:

  • Red Bird Ltd (www.cfdtrend.com);
  • Mfi broker Ltd ( www.mfibroker.com);
  • Software and Media Ltd (https://boxinvesting.com);
  • Salvalax Ltd (www.fxsuit.com);
  • “FxRoyal24” (https://fxroyal24.co.uk).

The blocking of these websites by Internet service providers operating on the Italian market is ongoing. For technical reasons, it can take several days for the blocking to be implemented.

Until 2017, Consob has been 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. Last week, the Italian regulator ordered the blocking of websites of four unauthorized financial services firms.

Read this next

Industry News

SEC’s Gensler reminds industry why T+1 is needed

“For everyday investors who sell their stock on a Monday, shortening the settlement cycle will allow them to get their money on Tuesday. Shortening the settlement cycle also will help the markets because time is money and time is risk.”

Industry News

Citi fined £61 million after $189 billion algo order by mistake

The regulator noted that some primary controls at Citi were absent or deficient. In particular, there was no hard block that would have rejected this large erroneous basket of equities in its entirety and prevented any of it reaching the market.

blockdag

Retik Finance Uniswap Listing Shocker: Why Presale Investors Are Abandoning $RETIK for BlockDAG’s Astounding 30,000x ROI

Explore how major influencers champion BlockDAG’s 30,000X ROI, overshadowing Retik Finance’s Uniswap listing and shifting investor focus.

blockdag

Crypto Influencer ‘Crypto Jogi’ Names BlockDAG the Leading Investment for 2024, Outshining Retik Finance Exchange Listing

Explore why ‘Crypto Jogi’ has singled out BlockDAG as the investment to watch in 2024, shifting focus from Retik Finance’s upcoming exchange listings.

blockdag

Over the Moon or Lost in Space? MoonBag Presale vs. Retik Finance and Pepe Coin

Discover why MoonBag presale is the best crypto presale 2024, surpassing Pepe Coin and Retik Finance with innovative features and high returns. Don’t miss out!

Digital Assets

Uniswap challenges SEC’s planned lawsuit over decentralized exchange

Decentralized finance (DeFi) exchange Uniswap is moving to address a looming regulatory spat with the U.S. Securities and Exchange Commission (SEC).

Digital Assets

Solana trader turns $2K into $2.26 million with 1DOL bet

The Solana ecosystem has proven to be a profitable environment for both savvy traders and lucky speculators. In line with this trend, memecoin trader invested 2,275worth of Solana (SOL) to buy a stash of meme coins, which then became worth $2.26 million in just eight hours.

Executive Moves, Uncategorized

Bitget appoints Gracy Chen as CEO

“I’m extremely honored to step into the role of CEO at Bitget. Over the past six years, we’ve built a robust foundation and an incredible team. Bitget has transformed into a leading crypto platform, consistently innovating to create value for our 25 million users. I’m excited to lead our global expansion to new heights.”

Digital Assets

Seven crypto exchanges pull out of license race in Hong Kong

The number of cryptocurrency exchanges seeking operational licenses in Hong Kong is steadily decreasing as the deadline approaches. Most recently, three crypto exchanges withdrew their license applications filed with the Securities and Futures Commission of Hong Kong (SFC).

<