Italy’s Consob orders blocking of access to eight unauthorized investment websites
The number of websites blocked under the so-called “Growth Decree” has reached 139.
Italy’s Companies and Exchange Commission (CONSOB) today announces that it has ordered the blocking of access to eight websites offering investment services to Italian residents without having the authorization to do so.
The eight websites are:
- Trade Com Limited (website https://fxonspot.com);
- cryptobase (websites https://cryptobase.ltd and https://cryptobase.life);
- GotechFX (website https://gotechfx.com);
- Waltika Partners LTD (websites https://alliance-capital.io and https://alliance-capital.cc);
- GAM Group Ltd – “MarketsFX” (website https://www.marketsfx.it);
- Honest Capital Ltd (website www.profx247.com).
To block the websites, the regulator has made use of the powers granted to it under the so-called “Growth Decree”. This piece of legislation allows Consob to instruct Internet service providers (ISPs) to block access to websites providing financial services without having the requisite authorization. The number of websites blocked under the “Growth Decree” has now reached 139.
Last week, the Italian regulator ordered the blocking of access to seven websites.
The Italian regulator has also taken other measures to protect investors from the illegal offering of financial services. In December 2019, for instance, Rodeler Limited, the Cypriot parent of 24fx and 24option, was banned from providing investment services in Italy and from making solicitations and acquisitions of new clients in the country as well as to continue its relations with Italian clients. The investment firm must be compliant with the detailed orders given by the Italian clients for closing the open accounts. Consob explains that the measure was necessary as Rodeler Limited has been repeatedly violating the regulations in force despite the directions of the Cyprus Securities and Exchange Commission (CySEC), issued in response the reports sent by Consob to the CySEC.