Italy’s Consob orders blocking of access to seven unauthorized websites of online trading firms

Maria Nikolova

Thus, the number of websites blocked under the “Growth Decree” since July 2019 has risen to 124.

Italy’s Companies and Exchange Commission (CONSOB) has just announced that it has ordered the blocking of access to seven websites of unauthorized online trading firms.

Below is the list of companies and sites affected by the latest orders:

  • Ace Capital Ltd (www.ftefxpro.com);
  • Ks-securities (www.ks-securities.com);
  • “Local Trader” (www.localtrader.app/?lp=10, www.libramarkets.com);
  • RMT 500 Ltd (www.rtm500.com);
  • Tradepoint Systems Ltd (www.atlantika.io);
  • RL Ltd (www.royaltd24.com).

The Commission has made use of powers granted to it under the so-called “Growth Decree”, which allows Consob to order internet service providers (ISPs) to block access to unauthorized financial services websites in Italy. Before the Growth Decree, the regulator had to rely mainly on warnings if it wanted to protect investors.

Since July 2019, when Consob started using its powers under the Growth Decree, the regulator has ordered the blocking of 124 websites in total. This number includes websites of entities that offer investment in instruments such as FX, binary options and cryptocurrencies, but have no authorization to do so.

The regulator notes that, due to technical factors, the implementation of the blocking may take several days.

In order to protect the public from unauthorized investment schemes, Consob has also used precautionary measures. These have targeted Hoch Capital Limited and Rodeler Limited, the Cypriot parent of 24fx and 24option. 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.

Rodeler Limited is now 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.

Read this next

Metaverse Gaming NFT

DCentral Miami brings together all of Web3, NFT, DeFi, Metaverse

The world’s biggest Web3 meeting entitled DCENTRAL Miami is set to take place November 28-29, featuring a lineup of some of the biggest and most influential names in the blockchain space.

Digital Assets

Crypto ban expands across UK banks as Starling joins ‎crackdown

UK digital bank Starling has banned ‎all customer payments related to cryptocurrencies, another blow for the crypto traders ‎who recently saw a sizable number of banks deciding not to ‎finance the wobbly asset class.‎

Interviews

Markets Direct at FIA EXPO 2022: Traders know what they want from brokers

The FIA Expo 2022, one of the most prestigious events within the global derivatives trading industry, took place in Chicago on 14 & 15 November.

Interviews

FIA Expo 2022: TNS addresses public cloud limitations with hybrid infrastructure

November is the month of the FIA Expo, one of the largest futures and options conferences in the world, bringing together regulators, exchanges, software vendors, and brokers in one place: the Sheraton Grand Chicago Riverwalk. 

Retail FX

Italy’s regulator blacks out Finance CapitalFX, MFCapitalFX

Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has shut down new websites in an ongoing clampdown against firms it accuses of illegally promoting investment products in the country.

Retail FX

Suspected leader of Honk Kong ramp-and-dump scam appears in court

A leader of a sophisticated ramp-and-dump scheme made his first court appearance in a Hong Kong court today, charged with market manipulation and various criminal offences. The case stems from an earlier joint operation of Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), and the local police. 

Institutional FX

Cboe’s James Arrante discusses growing demand for fixed income, FX algo

We caught up with James Arrante, senior director of FX & US treasuries product and business management at Cboe Global Markets, to uncover emerging trends in the FX and fixed income markets and learn more about the bourse operator’s recent initiatives.

Retail FX

Eurotrader acquires UK broker Petra Asset Management

Eurotrader Group has formally entered into the UK market with the acquisition of FCA-regulated broker, previously named Petra Asset Management Ltd. The new entity operates under the brand name Eurotrade Capital Ltd.

Inside View, Retail FX

The Game of Chess Continues – OPEC, China and the Oil Market

Over the past decade, the US has been complaining about the amount of power which the BRIC group, and specifically China, has on the global economy. BRIC stands for Brazil, Russia, India and China; these were the world’s fastest growing economies. Only in the past 10 months, the US has turned their attention toward OPEC due to the prices of fuel. Nevertheless, China seems to have a strong influence even over the price of crude oil.

<