October 12, 2020 | AtoZ Markets – The Companies and Exchange Commission (CONSOB), continues to make use of the powers granted to it under the so-called “Growth Decree”. The Italian watchdog announces that it has issued orders for the blocking of access to 16 websites that illegally offer financial services to investors based in Italy.
CONSOB blocks 5 financial services websites including Brokermasters Ltd
The five illegal websites targeted by the latest set of orders are:
- Digital Exchange Limited and Securex Plus Solutions EOOD (website www.dgxlimited.com);
- GrahamFE FinServices LTD and Elit Property Vision LTD (website www.grahamfe.com);
- Brokermasters Ltd (website www.brokermasters.net);
- Raw Trading Ltd (website www.icmarkets.com);
- Fintech Software Inc, Oproserv Limited, Leadernet OU (website www.fx-leader.com).
Websites blocked by CONSOB rises
The total number of websites Consob had blocked since it gained its powers back in July 2019, has risen up to 300. Moreover, in ordering Internet service providers (ISPs) to “black out” the websites, the authority refers to the “Growth Decree”. This piece of legislation allows the blocking of access to an illicit financial services website from Italian territory. It, however, takes several days to implement the blocking.
Before the “Growth Decree” was implemented, Consob typically counted on warnings in order to protect investors from getting involved with fraudulent investment schemes.
Consob usually updates on the blocking of illegal online trading websites each week. Last week, the regulator ordered the blocking of five websites. These websites are usually operated by entities that offer FX, CFD, and crypto-asset trading services.
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