Italy’s Consob orders blocking of access to five more websites illegally offering financial services

Maria Nikolova

The number of websites blocked by the Italian regulator has thus reached 257.

Italy’s Companies and Exchange Commission (CONSOB) keeps making use of the powers granted to it under the “Growth Decree”. The latest set of orders mandate the blocking of access from Italian territory to five websites that illegally offer investment services.

The latest set of orders apply to:

  • Capoinvest Ltd www.capoinvestgroup.co.uk);
  • Terratech Ltd (www.eufxinvest.com);
  • Level Up Capital Ltd (https://trade100fm.net);
  • Trade Com Limited (https://globalspotfx.com);
  • Pure M Global Limited (https://realmarketbroker.com).

Accordingly, the number of websites whose “blackout” has been ordered by the regulator since the “Growth Decree” came into effect about a year ago has risen to 257. The list includes brokerages that claim to offer trading in FX, CFDs, and crypto-assets. Last week, Consob ordered the blocking of five unauthorized investment websites that target Italian investors.

The activities for implementing the blocking of the said websites by Internet service providers are in progress. For technical reasons it can take a few days for making them effective.

Let’s note that, on top of unauthorized websites “blackout”, Consob also uses other measures to protect investors. In December 2019, for example, Consob banned Rodeler Limited, the Cypriot parent of 24fx and 24option, 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 explained back then that the measure was necessary as Rodeler Limited had 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.

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