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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 (www.uptos.com)
  • Swissgems Ltd and Media Solutions Ltd (www.marketscfd.net)
  • Zurichbanc Ltd (www.zurichbanc.co)
  • Platinumpro Investment Ltd (https://platinumproinvestment.com)
  • Bitcoin-Trader (https://bitcointrader.software).

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.

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