Italy’s regulator red flags EuroCryptoFX, Aquilafx and Ltd-FX
In yet another episode in a long-running campaign, the Italian financial regulator, Consob, once again blocked access to a number of investment websites, including those holding licenses in other jurisdictions.
Fraudsters could pass themselves off as regulated financial services providers as a result of the ability to register domain names under relevant suffixes such as ‘.bank’ and ‘.fin’, Consob said.
The Italian market securities market regulator has been on a rampant crackdown to protect retail investors by making illegal financial services inaccessible.
Additionally, this includes product offers by firms holding licenses in other jurisdictions. The strict actions on these unauthorized actors in the market come as offshore brokers continue to chase online trading business in Italy.
In its latest crackdown, the Consob has contacted Italy’s internet service providers, requesting them to block access to:
– “Aquilafx” ( website https://aquilafx.com and related page https://client.aquilafx.com);
– Pine Consulting LTD and BestProducts Ltd ( website https://ltd-fx.com and related page https://panel.ltd-fx.com);
– “MTinvesting” ( website www.mtinvesting.io);
– “MFS Securities Corporation” ( website www.mfssecurities.com and related pages https://client.mfssecurities.com and https://trade.mfssecurities.com);
– ” EuroCryptoFX “ ( website https://eurocryptofx.net and related page https://account.tradingplattform26.com).
These blocked websites were a mix of FX platforms while some of them were allowing users to bet on cryptocurrency prices, a trend that the regulator says has become popular recently. The main problem with these sites is that they are focused on attracting minors and normalize gambling-like trading products for them.
Italy has been making headlines in the crypto world due to its regulatory approach to the industry. While some countries have banned cryptocurrencies altogether, Italy has taken a more moderate stance, attempting to regulate the industry to promote innovation while also protecting consumers.
Crypto firms are obliged to register their business as a digital asset provider in Italy to join a special registry with brokerage regulator Organismo degli Agenti e dei Mediatori (OAM), as required by newly updated regulations on crypto assets.
The applicants are required to submit disclosures of a variety of data, including those relating to client identification and transactions on a quarterly basis. In case of non-compliance with the regulatory requirements, the operator may be subject to financial sanctions and its website may blocked by the internet providers.
