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Italy’s CONSOB orders blocking of five more illegal online trading websites

Maria Nikolova

The orders have been made in accordance with the so-called “Growth Decree”.

The Italian Companies and Exchange Commission (CONSOB) continues to make use of the so-called “Growth Decree” by ordering Internet service providers (ISPs) to block access to websites of online trading companies that offer their services in Italy without the proper authorization.

Consob has just ordered the blocking of five websites that offer financial services illegally. These are listed below:

  • 4xRoyal Ltd (https://4xroyal.com);
  • Game Capital Ads Ltd (https://it.247worldbtcfx.com);
  • Kronosinvest (https://www.kronosinvest.co);
  • Sky Hub Limited (https://4xincome.com);
  • Zuitex (https://www.zuitex.com).

For technical reasons, it can take several days for the blocking to be implemented, the regulator explains.

Under the so-called “Growth Decree” (law no. 58 of 28 June 2019), CONSOB has been granted the power to order the telecommunication network operators to block unauthorized websites, preventing access to them by all users on Italian territory.

Until 2017 Consob has been publishing “warnings” concerning the risks connected with the services offered by unauthorized operators, which were only addressed to the general public. Since 2018, however, 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.

Thanks to the “growth decree”, CONSOB gains a new power – to order ISPs the blocking of the websites. As FinanceFeeds has reported, the Italian regulator has earlier ordered the blocking of access to 29 illicit financial services websites.

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