Italy’s Consob orders blocking of 16 unauthorized investment websites

Maria Nikolova

The latest order takes the number of illegal online trading websites blocked by the regulator under the so-called “Growth Decree” to 117.

Italy’s Companies and Exchange Commission (CONSOB) has just announced that it has ordered the blocking of access to 16 websites of unauthorized investment entities.

 The list of illicit investment websites includes:

  • Allianz Capital Ltd (www.capitalallizie.com);
  • WebNet Ltd (www.2dots.it);
  • “Cleavesecurities” (www.cleavesecurities.com);
  • Game Capital Ads Limited (www.welttrades.com and www.it.welttrades.com);
  • BCProfit2019 (www.bcprofit2019.com);
  • Terratech Ltd (www.swissfingroup.com);
  • Dubai FXM Ltd (www.dubaifxm.trade and www.dubaifxm.trading);
  • “VirtualStocks” (www.virtualstocks.co and www.virtualstocks.cc);
  • “RoyalFunds” (www.royalfunds.co and www.royalfunds.cc);
  • Lctrade Ltd (www.lctrade.net);
  • Arrow Capital Ltd (www.lvgrowmarkets.com and www.partners.lvgrowmarkets.com).

Thus the number of websites blocked by the Italian regulator since July this year, when the so-called “Growth Decree” got into effect, has risen to 117. Last week, Consob ordered the blocking of three more websites of entities that have no permission to offer investment services in Italy but nevertheless do so.

The regulator explains that the blocking of access to the above-mentioned websites takes several days to implement due to purely technical reasons.

Under the ‘Decreto Crescita’ (‘Growth Decree’, Law no. 58 of June 28, 2019, article 36, paragraph 2-terdecies), Consob can order internet access providers to block access from Italy to websites offering financial services without the proper authorization.

Until 2017, the Italian regulator was publishing “warnings” concerning the risks connected with the services offered by unauthorized operators, which were only addressed to the general public. Since 2018, 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. Now, the powers have been expanded.

Read this next

Retail FX

X Open Hub expands multi-asset offering with new cryptocurrencies and indices

X Open Hub, a multi-asset liquidity provider, announced today that it has extended its offering with inclusion of 30 new cryptocurrencies and two emerging market indices.

Retail FX

Interactive Brokers now offers 24/7 access to crypto trading

Interactive Brokers Group, Inc. (NASDAQ: IBKR) has widened access to cryptocurrency trading for its clients. Specifically, the discount broker extended trading hours for its cryptocurrency products to be traded 24/7, including on the weekends.

Inside View

Natural Language Generation for Multi-Language Social Media Strategies 

Natural Language Generation (NLG) is a crucial growth area in the digital landscape, with the unique potential to be used across multiple industries.

Market News, Technology

The B2Core Android App is Now Available For Download

The first version of the B2Core Android app is available for download, and it has many beneficial features for users.

Digital Assets

XBO taps custodian Fireblocks ahead of crypto exchange’s launch

XBO.com has integrated with digital asset and crypto technology platform Fireblocks ahead of the crypto exchange’s upcoming launch.

Industry News

Appital raises another £1.7m after integrating with FactSet, FlexTrade, and TS Imagine

“Appital has a proven track record in securing partnerships with major EMS providers, executing brokers and a trading venue to address the lack of efficiency and control over existing bookbuilding and deal distribution processes.”

Digital Assets

Tim Draper backs crypto-focused asset manager OSD in seed round

“The Old Street Digital team is well-positioned to provide access to a range of research-backed, crypto-based investment funds, and we at Draper Associates are excited to support them.”

Industry News

Swissquote launches mobile payments app TWINT

Swissquote has announced the launch of its own TWINT mobile payment app, effective today.

Institutional FX

Apex Group subsidiary EDB launches institutional banking solution

EDB’s solution enables clients to open multi-currency accounts and manage their day-to-day transactions, including global payments, FX requirements, and cash management through automated money market sweeps from a single online dashboard.

<