Number of illegal online trading websites blocked by Italy's Consob reaches 290 - FinanceFeeds

Number of illegal online trading websites blocked by Italy’s Consob reaches 290

Maria Nikolova

The regulator has ordered the blackout of six new websites, which illegally offer financial services.

Italy’s Companies and Exchange Commission (CONSOB) today announces that it has ordered the blocking of access to six new websites, which illegally offer financial services.

By ordering the blackout, the regulator made use of the powers granted to it under the “Growth Decree” (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet service providers (ISPs) to inhibit access from Italy to the websites through which financial services are offered without due authorization.

The sites targeted by the latest orders are:

  • “Tio Markets Ltd” (www.tiomarkets.com);
  • “Terratech Ltd” (www.eufxindex.com);
  • “GFX FINANCE” Capital Letter GMBH (www.gfxroyal.com);
  • “Luxor Asset Management Trust” (www.luxoramt.com);
  • “bstox24” (https://bstox24.com and related page https://client.bstox24.com);
  • “Crypterium Financial Services” (https://crypteriumfs.com).

The latest set of orders has taken the number of online trading websites blocked by Italy’s Consob to 290. Consob has been issuing such orders since July 2019, when the “Growth Decree” came into effect giving the regulator the additional powers to protect investors. Prior to that, the regulator had to count on warnings.

The activities for the blackout of the above-mentioned websites by the ISPs operating in Italy are in progress. Due to technical factors, it can take a few days to implement the blackout.

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