Italy’s Consob orders blocking of six unauthorized investment websites

Maria Nikolova

Thus, the number of websites blocked by the regulator since July 2019 has reached 180.

Italy’s Companies and Exchange Commission (CONSOB) today announces that it has ordered the blocking of access to six more unauthorized investment websites. Of these six websites, four websites are blocked due to abusive financial intermediation and two websites are blocked due to offering financial products in the absence of a prospectus.

The Authority availed itself, in relation to the blackout of the abusive financial intermediaries websites, of the powers resulting from the “Growth Decree” (‘Decreto Crescita’, Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies) as well as of the new power established by Law no. 8 of 28 February 2020 (Article no. 4, paragraph 3-bis).

Below is a list of the six websites whose blocking was ordered by Consob today:

  • Dubai FXM Ltd (www.dubaifxm.co and dubaifxm.co);
  • “DAX1001” (dax1001.com);
  • Global Pegasus Ltd (www.fx4lux.com);
  • “AirBit Club” (https://airbitclub.com and www.bitbackoffice.com).

Given the latest actions, the number of websites blocked by the regulator since July 2019 has reached 180. The Commission warns that the actual blocking may be implemented in a several days as a result of technical factors.

In addition to blocking of access to unauthorized websites, Consob uses other measures to protect investors. In December 2019, for example, the Italian regulator 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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