Italy’s Consob orders blocking of more websites of unauthorized online trading entities

Maria Nikolova

The number of websites blocked under the “Growth Decree” has thus risen to 131.

Italy’s Companies and Exchange Commission (CONSOB) has announced that it has ordered the blocking of access to seven more websites of online trading entities that are not authorized to offer financial services in Italy.

The latest additions to the list of blocked websites are:

  • ForTradersFX Ltd (www.fortradersfx.com);
  • Gembell Limited Services – PO TRADE LTD – Tifiya Group s.r.o. (www.pocketoption.com);
  • FAH Investment LTD (www.web.cryptozone24.com);
  • Muller Enterprise Ltd (www.aurumpro.co, https://aurumprofin.cc and https://aurum-pro-finance.cc);
  • FSM Smart Ltd (www.fsmsmarts.com).

In ordering the blocking of the websites, the Commission made use of the powers resulting from the ‘Decreto Crescita’ (‘Growth Decree’, Law no. 58 of June 28, 2019, article 36, paragraph 2-terdecies). The number of websites blocked under the “Growth Decree” has already reached 131. 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 actions for the blocking of the websites by Internet service providers are underway. For technical reasons it can take several days for the “blackout” to be implemented.

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

Retail FX

CySEC delists Leverate from investor compensation fund

The Cyprus Securities and Exchange Commission (CySEC) announced that Leverate, a provider of brokerage solutions for the financial services industry, has been excluded from its investor compensation fund today.

blockdag

Top Crypto Investment: BlockDAG Outpaces Bitcoin Price and Cardano ADA Upgrades, Securing $19.3M in Revolutionary Presale

After plummeting below the crucial $70,000 mark amidst geopolitical tensions, the Bitcoin price is signalling a recovery as it climbs past $63,000. Concurrently, Cardano ADA upgrades, particularly the much-anticipated Chang Hardfork.

Fundamental Analysis, Tech and Fundamental

Global FX Market Summary: Middle East, US economic data, Eurozone data April 22 ,2024

US Dollar strengthens as easing Middle East tensions and strong economic data boost investor confidence, while dovish central banks and weak data weigh on the Euro.

Digital Assets

Thailand moves to block crypto websites to combat online crime

Thai authorities announced that they will block access to unauthorized cryptocurrency platforms. The decision was made after a meeting of the Technology Crime Prevention and Suppression Committee.

Tech and Fundamental, Technical Analysis

GBPUSD Technical Analysis Report 22 April, 2024

GBPUSD currency pair can be expected to fall further toward the next support level 1.2200, previous strong support from November.

Fintech

TT now enables users to create synthetic multi-leg instruments

“TT Splicer combines the ease and flexibility of TT’s market-leading Autospreader with the power of our best-in-class execution algos to uniquely minimize slippage and optimize trade execution when trading synthetic multi-leg spreads.”

Fintech

Imandra launches FIX Wizard: AI assistant for FIX connectivity suite

“LLMs hold tremendous promise, but ultimately cannot be trusted in regulated environments. By combining their strengths with scalable, rigorous automated reasoning, we obtain a kind of magic: conversational interfaces with correct reasoning and domain-specific skills.”

Chainwire

Sui Overflow Hackathon Funding Pool Balloons to $1,000,000 as New Sponsors Join

Alibaba Cloud, AngelHack and dWallet are among the latest supporters for the global event.

Institutional FX

Liquidnet launches SuperBlock Matching for equities trading

“The creation of a protected space to trade the most challenging blocks is a direct response to a request from our Membership and is an extension of our existing block trading offering, to facilitate more complex and nuanced trades.”

<