Number of unauthorized investment websites blocked by Italy’s Consob surpasses 170

Maria Nikolova

The regulator has ordered the blocking of access to six websites that illegally offer financial services to Italian investors.

Italy’s Companies and Exchange Commission (CONSOB) keeps making use of the powers granted to it under the so-called “Growth Decree”. On Mach 12, 2020, the regulator said it issued orders for the blocking of six websites, which illegally offer financial services to Italian investors.

The six websites are:

  • Novatrades Ltd (www.novatrades.com);
  • Game Capital ADS Limited (https://btcglobefx.com);
  • “WORLDFXM.COM” (https://worldfxm.com);
  • “GoldFxTrading” (GFT) (web.goldfxtrading.com);
  • “Alphacapital” (https://alphacapital.fm);
  • Swiss Capital Ltd (https://capitalswissfx.com).

This regulatory action takes the number of websites blocked by Consob since July 2019 to 174.

The activities for the blackout of these websites by the Internet service providers operating on the Italian territory are in progress. For technical reasons it can take a few days to implement them.

The readers of FinanceFeeds may recall that, last week Consob made use of new powers granted to it under Law no. 8 of February 28, 2020 (article 4, paragraph 3-bis).

The new regulations allow the regulator to order Internet service providers to block access to websites that advertise and/or offer financial products without prospectus. These new powers add to the ones granted to Consob under the “Growth Decree”. Last week, Consob said that it ordered the blocking of access to seven websites that offer financial products without prospectus.

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