Italy’s financial regulator CONSOB has issued a notice to block 5 websites for conducting unauthorized trading services within the country.
March 26, 2021 | AtoZ Markets – The Companies and Exchange Commission (CONSOB), the Italian financial regulator, has announced on Friday that it has issued orders for the blocking of access to 5 websites that illegally offer financial services to investors based in Italy.
CONSOB block 5 websites offering financial products without authorization
Again, CONSOB has decided to use the powers it has been granted under the so-called “Growth Decree” to order the blocking of five websites that offer financial services without due authorization. The five websites are:
- KBS Capital Markets Ltd (website www.swisspremiumfx.com and related page https://my.swisspremiumfx.com);
- Terratech Ltd (websites www.bimfx24.co and www.eurtrade24.com);
- Lollygag Partners LTD (website https://finocapital.io);
- Widdershins Group Ltd (website https://24fintime.io).
With the “Growth Decree” powers, CONSOB has ordered Internet service providers (ISPs) to block access to these websites offering and/or advertising various financial products without the proper prospectus.
Currently, the process needed to block the aforementioned websites through the various Italy-based ISPs, are currently in progress.
The procedure itself takes a few days to implement, due to the technical work needed to remove a website’s access from an entire country.
Websites blocked by CONSOB rises
Meanwhile, the total number of websites CONSOB had blocked since it gained its powers back in 2019, has risen up to 410.
CONSOB regularly updates on the blocking of illegal online trading websites each week. Last week, the regulator ordered the blocking of five unauthorized investment websites, including ones belonging to FX Suit and EU Markets. These websites are usually operated by entities that offer FX, CFD, and crypto-asset trading services.
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