Italy stamps out domains of SmartTrade CFD, UeTrades and Tradebaionics

abdelaziz Fathi

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

Fraudsters could pass themselves off as regulated financial services providers as a result of the ability to register domain names under relevant suffixes such as ‘.bank’ and ‘.fin’, it says.

The Italian market securities market regulator has been on a rampant crackdown to protect retail investors by making illegal financial services inaccessible.

Additionally, this includes product offered by firms holding licenses in other jurisdictions. The strict actions on these unauthorized actors in the market come as offshore brokers continue to chase online trading business in Italy.

In its latest crackdown, the Consob has contacted Italy’s internet service providers, requesting them to block access to:

  • – Surreptitious Group LLC (website https://fincloud.world);
  • – “Smart Trade Cfd(website https://smarttradecfd.com and related page https://platform.smarttradecfd.com);
  • – “Tradebaionics” (website www.tradebaionics.net);
  • – “UeTrades” (website https://uetrades.com and related page  https://secure.uetrades.com);
  • – Trustgarden Ltd (website www.trustgarden.net and related page https://webtrader.trustgarden.net).

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 736.

“If you are contacted by or if you come across a domain/website which offers you the opportunity for trading online (i.e. trade on binary options and / or forex transactions) please verify first of all if it is authorized. Every authorized subject must be included in the SIM list kept by CONSOB. To check with the list click here. On the CONSOB website you can also control the list of all the EU investment firms operating in Ital,” the watchdog said.

Consob consults on crypto regulation

Consob has refined its process for identifying non-compliant companies, becoming the only EU regulator with the approach to blocking the websites of scams and unauthorized providers.

Recently, the regulator went after a handful of CySEC-licensed brokers and ordered them to cease operations in the country. Moreover, the decisions prevented Cypriot intermediaries from soliciting customers or continuing their current relations with Italian clients.

On the crypto front, Italy’s securities regulator recently held a webinar with “some major players” in the financial market to probe the regulation of securities token offerings.

Not many details were revealed about the matter, but Consob is actively working on regulations that might one day permit so-called tokenization, which allows a crypto token to represent a traditional asset like stocks.

Although the Italian watchdog was busy chasing unregulated crypto firms, it has yet to come up with specific regulations. Until now, Italy has sought pan-European initiatives to police crypto activities as a benchmark to begin with.

Finally, 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

Ripple seeks $10 million penalty citing Terraform fine in SEC case

Ripple Labs wants to reduce the financial penalties proposed by the U.S. Securities and Exchange Commission (SEC) by leveraging recent fines imposed on Terraform Labs.

Digital Assets

Swiss regulator shuts down CoinShares’ partially-owned FlowBank

Switzerland’s financial regulator, FINMA, has closed FlowBank SA and placed it into bankruptcy due to severe breaches of capital requirements and other supervisory laws. This follows a series of enforcement actions against the bank that began in October 2021.

blockdag

Presale Power Players: 5 Crypto Presales Primed for Success in 2024 According to Experts

Unlock the potential of the best presale cryptos available now. See why experts recommend BlockDAG, Bitbot, eTukTuk, 99Bitcoins Token, and ButtChain.

Executive Moves

Paxos axes 65 jobs, cuts headcount to below 300

Stablecoin issuer Paxos has laid off 65 employees, equating to 20% of its staff, despite maintaining a robust financial standing.

Institutional FX

US sanctions trigger major shifts in Russian FX market, says Sergey Romanchuk

The U.S. sanctions imposed on June 12 against the Moscow Exchange and its clearing entity, the National Clearing Center (NCC), are set to cause massive disruptions in the Russian currency market, according to FX industry veteran Sergey Romanchuk.

blockdag

BlockDAG’s X1 Miner App Beta Sparks $49.2M Presale Rise; Uniswap & XRP Whales Getting Involved?

Experience BlockDAG’s meteoric 1120% presale rise, Uniswap’s UNI climbing 18%, and Ripple’s XRP anticipating ETF approval. Explore their latest breakthroughs!

Market News, Tech and Fundamental, Technical Analysis

GBPUSD Technical Analysis Report 13 June, 2024

GBPUSD currency pair can be expected to fall further toward the next support level 1.2700, which has been reversing the price from last month.

Institutional FX

U.S. sanctions halt dollar and euro trading on Moscow Exchange

New U.S. sanctions against Russia have led to the immediate suspension of trading in dollars and euros on the Moscow Exchange (MOEX), the country’s largest exchange group.

Digital Assets

MicroStrategy raises $500M to buy more Bitcoin, now holds 214,400 BTC

MicroStrategy, the largest corporate investor in bitcoin, plans to raise $500 million through a convertible senior note offering, with an option for an additional $75 million.

<