Latest series of blocking orders issued by Italy’s Consob target five unauthorized investment websites

Maria Nikolova

The number of websites blocked by the Italian regulator under the so-called “Growth Decree” has thus reached 189.

Italy’s Companies and Exchange Commission (CONSOB) today announces that it has ordered the blocking of access to five more unauthorized investment websites.

In ordering Internet service providers to block the websites, the regulator made use of the powers resulting from the “Growth Decree” (‘Decreto Crescita’, Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies).

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

  • Finance Activity Group (www.capo-invest.com);
  • FXTrading Corp (https://fxtradingcorp.trade);
  • Tradefxzone Ltd and SolutionsCM Ltd (https://tradefxzone.com);
  • ForTradersFx Ltd (www.fortraders-fx.com);
  • OGAM Ltd (www.ogamfx.com).

Thus, the number of websites blocked by Consob since July 2019 when the “Growth Decree” got into effect has risen to 189 starting. The regulator notes that the implementation of the blocking may take several days to implement due to purely technical factors.

Earlier in April, Consob said it ordered the blackout of www.tradeatf.com, as the website has been used by Hoch Capital Ltd, a Cyprus-based investment company, in violation of the ban imposed on it by Consob in December 2019. The website belongs to TradeATF, a broker operated by Hoch Capital.

According to the regulator, Hoch Capital is using the website to continue to provide investment services, to solicit and to acquire new customers in Italy as well.

In December 2019, Consob adopted a precautionary measure against Hoch Capital Ltd banning it from exercising activities in Italy. The prohibition, aimed at ensuring the protection of Italian investors, was necessary given the recurrent violations of Hoch Capital Ltd of the regulations in force, despite the measures adopted by the Cyprus Securities and Exchange Commission (CySEC), following the reports sent by Consob to CySEC.

The present provision forbids in a precautionary way to Hoch Capital Ltd to provide investment services in Italy, to solicit and acquire new customers in our Country as well as to carry on their relations with Italian customers. In December 2019, the company was asked to close the accounts of Italian customers in accordance with the instructions given by the customers themselves.

The prohibition was imposed following a number of complaints transmitted to Consob by Italian investors, complaining about serious irregularities made by the Cypriot intermediary. The reports of these representatives concern, in particular, activities like Contracts for Difference (CFDs).

Read this next

Retail FX

Weekly Roundup: Funded Trader closure, Coinbase adds Apple Pay

Welcome to this week’s roundup, where we delve into the latest developments in the Forex, Fintech, and cryptocurrency markets. Stay ahead of the curve with our comprehensive overview of the week’s most impactful events and trends across these dynamic sectors.

blockdag

Presale Rush: BlockDAG Outshines Furrever Token and DeeStream Presales with 20,000x ROI Potential, Raising Over $16.4M

Discover April 2024’s presale hits, as BlockDAG, Furrever Token, and DeeStream Presales battle it out. Which will explode in 2024?

Digital Assets

Shakeeb Ahmed gets three-year sentence for hacking Nirvana, Crema

A New York court has sentenced computer security engineer Shakeeb Ahmed to three years in prison for conducting flash loan attacks on decentralized cryptocurrency exchanges in 2022, marking the first-ever conviction for a breach involving smart contracts.

Digital Assets

TON Foundation teams up with HashKey on fiat access for Telegram Wallet

The TON Foundation, a collective of developers behind The Open Network (TON) blockchain, has entered into a strategic partnership with digital asset financial services firm HashKey Group.

blockdag

BlockDAG aka Kaspa’s Toughest Competitor Releases DAGpaper, Lightes Up The Las Vegas Sphere Pulling Shiba Inu Investors & Amassing $16.4M in Presale

BlockDAG, emerging as a Kaspa competitor, unveils its DAGpaper, spotlighting the Las Vegas Sphere and captivating Shiba Inu investors with a $16.4M presale success.

Fundamental Analysis

Global FX Market Summary: USD, ECB, Gold, Oil  April 12 ,2024

A strong US economy, cautious Fed policy compared to Europe, and safe-haven demand are all fueling the surge of the US Dollar.

Digital Assets

Thai crypto exchange Bitkub eyes $3 billion valuation

Thailand’s largest cryptocurrency exchange Bitkub is gearing up for a public offering next year with a potential valuation of up to $3 billion, according to Bitkub Capital Group CEO Jirayut Srupsrisopa.

Technical Analysis

GBPUSD Technical Analysis Report 12 April, 2024

GBPUSD currency pair can be expected to all further toward the next support level 1.2400, target price for the completion of the active minor impulse wave.

Market News

Navigating Currency Trends: Extensive Analysis on EUR/USD Signal

Traders Union provides comprehensive daily analysis and signals for EUR/USD.

<