Italy watchdog blocks out SungerFX, Finextrader and Tedex.co

abdelaziz Fathi

Consob once again blocked access to yet another number of investment websites, including those holding licenses in other jurisdictions.

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

Italian investors have been warned not to take out any financial services from:

– Sungerfx Limited (website www.sungerfx.com and related page https://crm.sungerfx.com);

– Uncanny Services LLC (website https://fivemarkets.io and related page https://webtrader.fivemarkets.cc);

– GrandTrade Pvt Ltd (website https://grandtrades.eu and related page https://client.grandtrades.eu);

– Vermillion Consulting LLC (website https://tedex.co and related page https://webtrader.tedex.cc);

– Finex Group Ltd (website https://finextrader.com and related page https://accounts.finextrader.com).

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 749.

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 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.

At the time, Consob clarified that it made its decision under the article 7-quarter, paragraph 4 of the Consolidated Law on Finance (TUF), as well as article 86 of Mifid2. This legislation allows CONSOB to order investment firms and brokers operating in the country from another EU member state, through the EU passporting regime, to cease their operations after informing the competent authority of the member state.

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.

Read this next

blockdag

Top Crypto Millionaire Picks: ETH, SOL, BLP

The market is buzzing with the arrival of a new bull run, and savvy investors are closely watching certain cryptocurrencies that show promise for substantial returns.

blockdag

Influencer Examines BlockDAG Advances as Presale Hits $27.7M Amid Updates on Solana Transaction Fees and Injective (INJ) Price

Discover what famous YouTube influencer CryptoDexWorld has to say about BlockDAG’s presale performance and mining capabilities. More on Solana Transaction Fees and Injective (INJ) Price Updates.

blockdag

Discover the Best Altcoins to Buy: Exploring Near Protocol, Cardano, and BlockDAG’s 30,000x Potential

Explore top altcoins like Near Protocol, and Cardano, and discover BlockDAG’s massive potential. Join us!

blockdag

Crypto Influencer Crypto Rick Endorses BlockDAG Amid $27.7M Presale Success; TRON Price & BCH See Surge

Crypto Rick endorses BlockDAG, boosting its $27.7M presale amid TRON and Bitcoin Cash surges. Explore why BlockDAG is a top crypto investment.

blockdag

These Altcoins Have The Potential To Make You a Millionaire in 2024

The crypto market is witnessing a surge, and certain alternate coins are catching attention for their rapid growth.

Digital Assets

Point72 invests $77.5 million in Bitcoin, Morgan Stanley holds $269.9 million

Point72, the $34 billion hedge fund owned by billionaire and New York Mets owner Steven Cohen, held $77.5 million in the Fidelity Wise Origin Bitcoin Fund (FBTC) at the end of the first quarter, according to a recent filing.

Digital Assets

Binance claims Nigerian officials sought $150 million bribe

A Nigerian court has ruled that Tigran Gambaryan, a Binance executive detained on charges of tax evasion and money laundering, can stand trial on behalf of the world’s largest cryptocurrency exchange.

Digital Assets

Kraken reviews Tether listing in Europe ahead of MiCA adoption

Cryptocurrency exchange Kraken is “actively reviewing” whether to delist the stablecoin Tether (USDT) from its European platform, according to a report by Bloomberg.

blockdag

Discover How MoonBag Coin Presale Stacks Up Against Dogecoin & Litecoin

Discover how the MoonBag Coin presale compares to Dogecoin and Litecoin, with unique features, a robust presale structure, and new opportunities in 2024.

<