Number of unauthorized trading websites blocked by Italy’s CONSOB reaches 77

Maria Nikolova

The regulator continues to make use of its powers under the so-called “Growth Decree” in order to prevent access to website of unauthorized online trading firms.

The number of unauthorized trading websites blocked under orders issued by the Italian Companies and Exchange Commission (CONSOB) under the so-called “Growth Decree” has risen to 77, the regulator said today.

The latest additions to the list of such websites include:

  • Lion Finance Ltd (https://cfd2fxpro.com)
  • Globalix Ltd (www.globalix.co)
  • UAB Elnira (https://alltrademarkets.com)
  • Grandtrade.exchange (https://grandtrade.exchange)
  • BTB Corporate LT (https://bcapitalprofit.com)
  • Selinusinvestment.com (www.selinusinvestment.com).

Today, CONSOB ordered the blocking of access to these websites that illegally offer financial services.

The so-called “Growth Decree” entered into force in the end of June 2019. It allows CONSOB to instruct Internet service providers (ISPs) to block access to unauthorized websites from Italy. The blocking applies to websites of entities that offer online trading services to Italian customers without having the necessary regulatory permissions to do so.

Until 2017, the Italian regulator was publishing “warnings” concerning the risks connected with the services offered by unauthorized operators, which were only addressed to the general public. Since 2018, however, with the application of the new European regulation on the provision of investment services (Mifid2), the instruments given to Consob have been significantly enforced by the attribution of the new power to order the termination of the infringement to the unauthorized operators. Accordingly, Consob had only the power of asking the cancellation of the Italian version of the abusive sites to the host providers.

Thanks to the “growth decree”, CONSOB gains a new power – to order ISPs the blocking of the websites.

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