Italy’s Consob blocks more unauthorized investment websites under “Growth Decree”

Maria Nikolova

The number of illicit online trading websites blocked by the Italian regulator has thus reached 204.

Italy’s Companies and Exchange Commission (CONSOB) continues to make use of the powers granted to it by the so-called “Growth Decree”. On May 15, 2020, the regulator announced that it ordered the blocking of five more unauthorized investment websites.

The five websites are operated by entities that lack the requisite permissions to offer financial services in Italy but nevertheless target Italian investors. Below is a list of the five websites:

  • Uptos Ltd (
  • Swissgems Ltd and Media Solutions Ltd (
  • Zurichbanc Ltd (
  • Platinumpro Investment Ltd (
  • Bitcoin-Trader (

Implementing the blocking of the above-mentioned websites by the Internet connectivity providers may take a few days due to technical reasons, Consob says.

Under the “Growth Decree” (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), Consob can order Internet service providers to block access from Italy to the websites through which financial services are offered without due authorization. The regulator has blocked 204 websites since the “Growth Decree” entered into force.

Along with publishing the announcement about the latest orders for websites blocking, Consob has also issued an alert to investors regarding of the abusive practice adopted by illegal financial operators of making an improper use of the name and of the image of well-known public figures to induce savers to sign up for investment proposals supported by the promise of easy earnings.

Read this next

Digital Assets

Bybit under pressure from Ontario regulator after being forced out of the UK

Bybit has recently been forced to close its operations in the United Kingdom following the ban on Crypto CFD products earlier this year. 

Digital Assets

XRP, BTC, ETH, ADA, DOGE rebound despite being ‘rat poison’ to nearly half of surveyed by JP Morgan

While JP Morgan and its partners are institutionally staying back from the crypto markets, the investment bank is very much into blockchain technology.

Industry News

FTX and MLB partner together for brand awareness and innovation

FTX, one of the largest crypto exchanges in the world that has been on an expansion spree, has announced that it has tied up with Major League Baseball (MLB) in the US for brand awareness.

Digital Assets

Polygon (MATIC) and Aave grant recipient tie up to incentivise new users with rewards

Polygon (MATIC), a Layer 2 solution on Ethereum, has tied up with Aave grant recipient RabbitHole to incentivise new users for making deposits into Polygon.

Digital Assets

John McAfee, software pioneer and a big crypto supporter, dies in Spanish jail

John McAfee, the founder of the anti-virus software which was a household name a couple of decades back and a huge crypto enthusiast, has died in a Spanish jail on the same day that a court allowed him to be extradited to the US.

Industry News

TraderEvolution Global partners with TradingView: Brokers to enjoy direct access

The multi-asset platform is now connected to TradingView’s network of venues, liquidity pools, and asset classes 

Digital Assets

Visa and Paypal invest heavily into $300 million blockchain fund

Visa and Paypal, behemoths that have been known supporters of the blockchain domain, have invested in Fund V of Blockchain Capital.


FX Trading is a business: If you want results, act like a professional. Go Prime of Prime!

Trading the markets is a business. It is no wonder that the ones that see it as gambling are willing to trade against the house, but retail traders that want results, they must act like professionals.

Digital Assets

Celsius acquires MVP workshop as it looks to build more on crypto

Celsius, one of the largest cryptocurrency lending and rewards earning platforms, has announced that it has acquired the development division of MVP Workshop as it looks to expand its development team.